The daily chart of Huntington Bancshares Incorporated (HBAN) shows a well-formed ascending triangle pattern, indicating potential for further bullish movement, especially if the stock can break through its current resistance zone around $15.00. Here's a detailed analysis based on the key technical signals:
Key Observations on the Daily Chart:
Ascending Triangle Formation:
The price action has been consistently forming higher lows (HL) while hitting a resistance level around $15.00. This ascending triangle pattern is typically a bullish continuation signal.
Resistance Zone and Old Highs:
The stock is testing the $15.00 - $15.08 resistance zone, which aligns with old highs from January 2022. If HBAN breaks above this area, it could trigger a strong move upwards, potentially towards the next resistance levels.
Bullish Momentum:
The recent bull wicks marked on the chart are showing that buyers have stepped in on dips, suggesting strong buying pressure below $14.70. This is supportive of the overall bullish trend.
RSI:
The RSI is at 60.01, which is in a healthy, bullish zone but not overbought. This gives the stock room for further upside before hitting overbought levels.
MACD:
The MACD has a slight bullish crossover, with the signal line below the MACD line. This indicates the potential for a continuation of upward momentum, though it is still relatively flat. A more pronounced upward MACD move would further confirm bullishness.
Volume:
Volume has been slightly declining during this consolidation phase, typical before a breakout. Watch for a volume spike when price breaks either side of the triangle, as it would confirm the move.
Key Observations on the Daily Chart:
Ascending Triangle Formation:
The price action has been consistently forming higher lows (HL) while hitting a resistance level around $15.00. This ascending triangle pattern is typically a bullish continuation signal.
Resistance Zone and Old Highs:
The stock is testing the $15.00 - $15.08 resistance zone, which aligns with old highs from January 2022. If HBAN breaks above this area, it could trigger a strong move upwards, potentially towards the next resistance levels.
Bullish Momentum:
The recent bull wicks marked on the chart are showing that buyers have stepped in on dips, suggesting strong buying pressure below $14.70. This is supportive of the overall bullish trend.
RSI:
The RSI is at 60.01, which is in a healthy, bullish zone but not overbought. This gives the stock room for further upside before hitting overbought levels.
MACD:
The MACD has a slight bullish crossover, with the signal line below the MACD line. This indicates the potential for a continuation of upward momentum, though it is still relatively flat. A more pronounced upward MACD move would further confirm bullishness.
Volume:
Volume has been slightly declining during this consolidation phase, typical before a breakout. Watch for a volume spike when price breaks either side of the triangle, as it would confirm the move.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.