FITB Firth Third Bancorp Still holding support

fitb20090717

FITB or Fith Third Bancorp is worth another little quick mention.  It did a little teaser of a rally above down trend resistance line a couple days ago but today it has broken down and come back into that range, or under that range of resistance I should say.

This could be a classic case of whipsawing but the safe stance now on this one is on the sidelines.  There was an argument for going long on that trendline break but the volume was miserable and the price expansion was really not too convincing either.

So now FITB is approaching the long up trendline support which is absolutely critical to maintain if we are to see a new uptrend begin.  That red shaded area is the danger zone.  It is sort of in a danger sound right now coming back down to trendline support but until it is broken the uptrend can be said to be still in force.

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