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Fifth Third Bancorp (FITB) Crossed Above the 50-Day Moving Average: What That Means for Investors
After reaching an important support level, Fifth Third Bancorp (FITB - Free Report) could be a good stock pick from a technical perspective. FITB surpassed resistance at the 50-day moving average, suggesting a short-term bullish trend.
The 50-day simple moving average, which is one of three major moving averages, is widely used by traders and analysts to establish support and resistance levels for a range of securities. Because it's the first sign of an up or down trend, the 50-day is considered to be more important.
Over the past four weeks, FITB has gained 5.4%. The company is currently ranked a Zacks Rank #2 (Buy), another strong indication the stock could move even higher.
The bullish case solidifies once investors consider FITB's positive earnings estimate revisions. No estimate has gone lower in the past two months for the current fiscal year, compared to 5 higher, while the consensus estimate has increased too.
Given this move in earnings estimate revisions and the positive technical factor, investors may want to keep their eye on FITB for more gains in the near future.