Nicholas Santiago
InTheMoneyStocks
Monday, May 21, 2018
Fifth Third Bancorp $FITB Drops After Acquisition, Watch This Trade Level
Fifth Third Bancorp (NASDAQ:FITB) is a leading bank holding company throughout the Midwestern and Southeastern regions of the United States. Earlier today the firm announced that they would buy MB Financial Inc (NASDAQ:MBFI) for $4.7 billion in stock and cash. The news is causing MBFI stock to surge by more than 13.0 percent to $49.44 a share. Unfortunately, FITB stock is declining by more than 7.00 percent to $30.92 a share, this is type of weakness is very common for the company that is doing the buying. Traders and investors must now look at the charts for the next major support level on FITB. One level for the stock that stands out to me is around the $28.00 area. This is where the stock broke out in November 2017. Often, prior breakout level are excellent support when retested. I will be looking to buy FITB stock around this important trade level.
