HBAN BULLISH TRIANGLE 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.