Analyzing the options chain and the chart patterns of FITB Fifth Third Bancorp prior to the earnings report this week,
I would consider purchasing the 30usd strike price Puts with
an expiration date of 2025-1-17,
for a premium of approximately $2.00.
If these options prove to be profitable prior to the earnings release, I would sell at least half of them.
Uptrend
Based on my view, Its entered to new uptrend after passing out of 30 and it is inside an uptrend now. Also, its passed of a major level and pulling back on it. Im waiting for a good bullish candle above 35 in daily time and getting a buying position.
A price action above 34.00 supports a bullish trend direction.
Increase long exposure for a break above 36.00.
The target price is set at 40.00 (its 61.8% Fibonacci retracement level).
The stop-loss price is set at 34.00.
A potential bullish flag pattern is busy developing.
Remaining above both its 200-day and 200-week simple moving average supports a bullish...
A price action above 26.50 supports a bullish trend direction.
Crossing above 27.50 might support further upside price potential.
The target price is set at 28.50.
The stop-loss price is set at 25.50.
Higher highs and higher lows support a bullish trend direction.
The PEAD projected a Bullish outlook for $FITB after a Negative over reaction following its earnings release placing the stock in drift C with an expected accuracy of 100%.
The PEAD projected a Bullish outlook for $FITB after a Negative over reaction following its earnings release placing the stock in drift C with an expected accuracy of 100%.
The PEAD projected a Neutral outlook for $FITB after a Negative Under reaction following its earnings release placing the stock in drift D with an expected accuracy of 50%.
Similar patterns can be seen along the green trend line
In the first scenario price rose greatly, we are now in the same situation (green rectangle)
Upward movement should be expected on this Weekly timeframe
The PEAD projected a Bullish outlook for $FITB after a Positive Under reaction following its earnings release placing the stock in drift A with an expected accuracy of 70%.
FITB as well as other banks have been gaining strength as their dips are being bought up. I think financials are setting up for a nice run with rising inflation and rates over next couple years.
NASDAQ:FITB daily chart looks good after a nice bar today showing a lot of strength. It has had a series of higher lows and broke through a trendline today.
EMA's and MACD are bullish and accelerating upward.
FITB has been building momentum back up. Bank stocks look like they could in early stages of a rally with rising interest rates over next few years. Will see but these companies are leaner and stronger than ever. Would not be surprised to see a small pull back before surpassing this resistance.
I chose this ticker mainly due to XLF reaching under the 50% stochastic zone (Currently 44%). The previous day was at 61%. This told me that I could possibly find a support on a stock within the sector. It just so happens that the IWM (Russell 2k) dipped down to 28%. During the middle to end of May the highs touched near the resistance price of $43 about three...
NASDAQ:FITB Hit an alert for a 50% Retracement level. I stalked it for a lower timeframe, 30 minute, entry which it hit today. Looking to play the restest to the top with a small risk.
