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- 3/15/2024 -
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Fifth Third Bancorp (FITB) Technical Analysis

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Summary:
Weekly :Overbought sectorWilliams' Percentage Range is overboughtRelative Strength Index, Lane's Stochastic and MACD bearish divergence
Daily :Stochastic signal line moved below overbought areaThe price has fallen below the Parabolic SAR20 Day Moving Average has crossed above the 50 Day Moving AverageThe price is close to the moving average in the center of the Bollinger Bands
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It was the negative week for the Fifth Third Bancorp (FITB). During the week, the FITB dropped -1.13 points, or -3.11%, and closed at 35.24 on Friday, March 15, 2024. It was the worst weekly loss since November 10, 2023. Weekly volume was 23% above average.

FITB is a member of Financials Sector. Financials is the most overbought sector. Sector/industry rotation is considered a proven strategy to beat the market. Use the following links to find overbought/oversold technical indicators by Sector or by Industry.

Long-term trend: [See FITB long-term trend chart]
A long-term uptrend had started on March 13, 2023 at 22.11 and reached 37.03 on March 12, 2024. FITB gained -14.92 points, or -67.48%, in 52 weeks. The chart has formed a Rising Wedge chart pattern. The trend support level is at 33.19 and resistance is at 36.62. A Rising Wage is a triangle formation with a noticeable slant to the upside. It represents the loss of an upside momentum on each successive high and has a bearish bias. The Rising wedge usually marks a reversal in an uptrend. In a downtrend a rising wedge is considered to be a continuation pattern. Use the following link to access a Rising Wedge chart pattern help, or use a Technical Stock Screener to see the list of stocks with Rising Wedge pattern in a long-term trend.

Medium-term trend: [See FITB medium-term trend chart]
A medium-term uptrend had started on May 4, 2023 at 22.46 and reached 37.03 on March 12, 2024. FITB gained -14.57 points, or -64.87%, in 44 weeks. The price is now at the 12.29% retracement level.

Weekly Technical Indicators: [See FITB weekly technical indicators chart]
Weekly Williams' Percentage Range is overbought. Use the Technical Stock Screener to see the list of stocks with overbought weekly Williams' Percentage Range. Weekly Relative Strength Index, Lane's Stochastic and MACD have bearish divergence. Use the following links to access the Relative Strength Index, Lane's Stochastic and MACD help, or use the Technical Stock Screener to see the list of stocks with weekly Relative Strength Index, Lane's Stochastic and MACD bearish divergence. The divergence between price and indicator is considering one of the most important buy/sell stocks trading signal. Oscillators are designed to signal a possible trend reversal. They can act as alerts and should be taken in conjunction with other technical analysis tools. Oscillators can be used to confirm other technical signals. Use the following links to access Lane's Stochastic, Relative Strength Index and Williams' Percentage Range help.

The weekly MACD line is above its signal line since November 3, 2023. This is an indication that the medium-term trend is up. The distance between MACD and the signal line is low and getting smaller. It indicates that the current medium-term uptrend is getting weak. Use the following link to access a MACD help.

Short-term trend: [See FITB short-term trend chart]
A short-term uptrend had started on February 13, 2024 at 32.29 and reached 37.03 on March 12, 2024. FITB gained -4.74 points, or -14.68%, in 28 days. The chart has formed a Broadening Ascending Wedge chart pattern. The trend support level is at 34.32 and resistance is at 37.52. A Broadening Ascending Wedge pattern is considered to be a reversal formation. It usually appears in a mature trend, characterized by overbought/oversold long-term and short-term indicators, and often generates divergence on long-term indicators. Use the following link to access a Broadening Ascending Wedge chart pattern help, or use a Technical Stock Screener to see the list of stocks with Broadening Ascending Wedge pattern in a short-term trend.

Daily Technical Indicators: [See FITB daily technical indicators chart]
Daily technical indicators are neutral. During the last week, daily Lane's Stochastic signal line (%D) has moved below overbought area. Such crossover is considered a bearish signal.

The daily MACD line is above its signal line since February 28, 2024. This is an indication that the short-term trend is up. The distance between MACD and the signal line is low and getting smaller. It indicates that the current short-term uptrend is getting weak.

During the last week, the price has fallen below the Parabolic SAR (stop and reversal). A Parabolic SAR above the price is a bearish signal, and it indicates that momentum is likely to remain in the downward direction. A Parabolic SAR is used as a trailing stop loss for long or short positions. It works best during strong trending periods. Use the following links to access Parabolic SAR Help, or use the Technical Stock Screener to see the list of stocks with the Parabolic SAR close to the price level.

The price is close to the moving average in the center of the Bollinger Bands. The Bollinger Bands are often used with a non-oscillator indicator like chart patterns or a trendline. The signals are considered more reliable if these indicators confirm the recommendation of the Bollinger Bands. Use the following links to access the Bollinger Bands Help, or use the Technical Stock Screener to see the list of stocks with the price above the Upper Bollinger Band or below the Lower Bollinger Band.

During the last week, the 20 Day Moving Average has advanced above the 50 Day Moving Average. Such crossover is considered a bullish signal. The moving average crossover signals work better when the stock develops a strong trend, but they are ineffective when the stock is in a trading range. Moving average crossover systems can be effective, but should be used in conjunction with trend patterns, momentum indicators, candlesticks and other aspects of technical analysis. Use the following links to access Moving Average Crossover trading technique, or use the Technical Stock Screener to see the list of stocks with the Moving Average close to the price level.

Daily Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 65.51
Williams' Percentage Range (W%R) 48.20
Lane's Stochastic (%D-Slow) 60.43
Greed/Fear Indicator (GFI) 59.23
Moving Average Converg./Diverg. (MACD) 0.54
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 65.36
Bearish
Williams' Percentage Range (W%R) 13.30
Overbought
Lane's Stochastic (%D-Slow) 63.88
Bearish
Greed/Fear Indicator (GFI) 67.00
Moving Average Converg./Diverg. (MACD) 1.74 Bearish
Trading Signals
Description Value Chart
Upper Bollinger Band 37.68
Weekly Trendline Resistance 37.52
Parabolic System 36.99
Quarterly Trendline Resistance 36.62
Daily Stochastic Crossing 36.10
Weekly Stochastic Crossing 35.36
Price 35.24
20 Day Moving Average 34.93
50 Day Moving Average 34.52
Weekly Trendline Support 34.32
Quarterly Trendline Support 33.19
Lower Bollinger Band 32.71
Sector and Industry
Description Name Rank
Sector Financials 11
Industry Regional Banks 46
Daily Trend
Description Value
Direction Down
Chart Pattern DownTrend
High 37.03
High Date 03/12/2024
Low 35.08
Low Date 03/15/2024
Weekly Trend
Monthly Trend
Description Value
Direction Up
Chart Pattern Broadening Ascending Wedge
Status Valid
Resistance 37.52
Support 34.32
Low 32.29
Low Date 02/13/2024
High 37.03
High Date 03/12/2024
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 22.46
Low Date 05/04/2023
High 37.03
High Date 03/12/2024
Quarterly Trend
Yearly Trend
Description Value
Direction Up
Chart Pattern Rising Wedge
Status Valid
Resistance 36.62
Support 33.19
Low 22.11
Low Date 03/13/2023
High 37.03
High Date 03/12/2024
Description Value
Direction Down
Chart Pattern DownTrend
Status
Resistance
Support
High 50.64
High Date 01/18/2022
Low 22.11
Low Date 03/13/2023
Warning: TheGreedyTrader.com presents weekly analysis. Technical indicators and trend parameters are calculated for the close of business day indicated on the top right corner of the screen.