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Regional Bank Forms Coiled Bull Flag Near Recent Highs

by | Feb 27, 2024

Fifth Third Bank (FITB) shares of the regional bank are coiling in a tight window near 34 and closed strong Tuesday up 2% at highs as it tries to reclaim its monthly value low with other financials looking ready to pop higher off the bullish MACD cross and hitting the Ready to run technical scan. FITB has space to breakout to 37 where a larger VPOC sits overhead from last year and a sector that can see rotations into March if profit taking hits the Tech names from these heights. FITB has rallied nearly 50% off the October lows and looks to be forming a longer-term cup and handle at these levels with the weekly chart showing a solid bull flag developed right on top of its 200-week MA at 33.00.

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