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- 2/16/2024 -
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Fifth Third Bancorp (FITB) Technical Analysis

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Summary:
Weekly :Overbought sectorWilliams' Percentage Range is overboughtStochastic signal line moved below overbought areaTrend resistance at 34.07
Daily :Price has crossed below the 50 Day Moving AverageA Parabolic SAR indicator is below and near the priceThe price moved above the moving average in the center of the Bollinger BandsThe period of low volatility of the stock price
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It was a first positive week for the Fifth Third Bancorp (FITB). During the week, the FITB climbed 0.28 points, or 0.83%, and closed at 33.93 on Friday, February 16, 2024. Weekly volume was -16% below 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 May 4, 2023 at 22.46 and reached 35.73 on January 30, 2024. FITB gained -13.27 points, or -59.08%, in 38 weeks. The chart has formed a Broadening Right-Angled, Ascending Wedge chart pattern. The trend support level is at 22.51 and resistance is at 36.34. 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 Right-Angled, Ascending Wedge chart pattern help, or use a Technical Stock Screener to see the list of stocks with Broadening Right-Angled, Ascending Wedge pattern in a long-term trend.

Medium-term trend: [See FITB medium-term trend chart]
A medium-term downtrend had started on January 30, 2024 at 35.73 and reached 32.29 on February 13, 2024. FITB lost 3.44 points, or 9.63%, in 2 weeks. The chart has formed a Falling Wedge chart pattern. The price is near the trend resistance line (34.07). The resistance is usually stronger when technical indicators are overbought. Use the following links to access Trend Support/Resistance Help, or use the Technical Stock Screener to see the list of stocks with price testing the trend resistance line in a medium-term trend.

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. During the last week, weekly Lane's Stochastic signal line (%D) has moved below overbought area. Such crossover is considered a bearish 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 and Williams' Percentage Range help.

The weekly MACD line is above its signal line since November 3, 2023. 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 34.27 on February 15, 2024. FITB gained -1.98 points, or -6.13%, in 2 days. The price is now at the 17.17% retracement level.

Daily Technical Indicators: [See FITB daily technical indicators chart]
Daily technical indicators are neutral.

The daily MACD line is below its signal line since December 27, 2023. The distance between MACD and the signal line is low and getting smaller.

A Parabolic SAR (stop and reversal) indicator (34.17) comes close to the price (33.93). It indicates that the trend is getting weaker. 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.

During the last week, the price has moved above the moving average in the center of the Bollinger Bands. The distance between the Bollinger Bands is falling, and it was 8.25% on Friday. It is 51.04% lower than one year average. It indicates the period of low volatility of the stock price. 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 price has crossed below the 50 Day Moving Average. Such crossover is considered a bearish 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) 36.16
Williams' Percentage Range (W%R) 64.80
Lane's Stochastic (%D-Slow) 55.56
Greed/Fear Indicator (GFI) 42.30
Moving Average Converg./Diverg. (MACD) 0.03
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 78.78
Williams' Percentage Range (W%R) 16.80
Overbought
Lane's Stochastic (%D-Slow) 76.21
Greed/Fear Indicator (GFI) 73.42
Moving Average Converg./Diverg. (MACD) 1.46
Trading Signals
Description Value Chart
Monthly Trendline Resistance 36.34
Upper Bollinger Band 35.27
Weekly Stochastic Crossing 34.85
Parabolic System 34.17
Weekly Trendline Resistance 34.07
20 Day Moving Average 34.07
50 Day Moving Average 33.98
Price 33.93
Daily Stochastic Crossing 33.54
Lower Bollinger Band 32.45
Weekly Trendline Support 32.10
Sector and Industry
Description Name Rank
Sector Financials 11
Industry Regional Banks 63
Daily Trend
Description Value
Direction Up
Chart Pattern Uptrend
Low 32.29
Low Date 02/13/2024
High 34.27
High Date 02/15/2024
Weekly Trend
Monthly Trend
Description Value
Direction Down
Chart Pattern Falling Wedge
Status Test Resistance
Resistance 34.07
Support 32.10
High 35.73
High Date 01/30/2024
Low 32.29
Low Date 02/13/2024
Description Value
Direction Up
Chart Pattern Broadening Right-Angled, Ascending Wedge
Status Valid
Resistance 36.34
Support 22.51
Low 22.46
Low Date 05/04/2023
High 35.73
High Date 01/30/2024
Quarterly Trend
Yearly Trend
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 22.11
Low Date 03/13/2023
High 35.73
High Date 01/30/2024
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.