3 Drives Taking Fifth Third to Twenty

• Posted by Greg Harmon
• on May 18th, 2016

A few hours down the road from me in Cincinnati, Fifth Third Bancorp has its headquarters. It is a nice city. I got to go there fro the All-Star Game last year, courtesy of John Legere CEO of T-Mobile by winning a twitter contest. The bank is very good at covering its web presence. Look for any combination of 5 and 3 and it is a good chance it will lead you to them.

Their stock is looking good right now too. After a pullback to a February 11 low it settled for a couple of weeks before moving higher. It has made two steps to the upside, each of about $3 followed by retracements of about half of that move. A series of higher highs and higher lows.

Wednesday sees the start of a third move higher. A Three Drives pattern looks for a similar move as the last two, taking the stock price to just over 20. That would also close the gap down from the beginning of the year. Momentum indicators support that move. The RSI is pushing back higher in the bullish zone and the MACD is about to cross up. Are you going along for the ride?

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