Fifth Third Bancorp (FITB) NewsBite - FITB Is On the Move

Posted: Friday, October 10, 2008 1:35 PM EDT

Fifth Third Bancorp (FITB) appears to be on the move today and is now at $10.00, up $0.27 (2.77%) on volume of 13,241,063 shares traded. Over the last 52 weeks the stock has ranged from a low of $7.96 to a high of $34.43. Fifth Third Bancorp stock has been showing support around $7.87 and resistance in the $13.45 range. Technical indicators for the stock are bearish and S&P gives FITB a negative 2 STARS (out of 5) sell ranking. If you are looking for a hedged play on FITB the stock seems like it could be a candidate for an October out-of-the-money bull-put credit spread below the 7.50 range. [ABR-Seven Summits Strategic Investments NewsBite]

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