Fifth Third Bancorp Drops On Acquisition: Watch This Trade Level
InTheMoneyStocks.com | May 21, 2018 12:47PM ET
Fifth Third Bancorp (NASDAQ:FITB) is a bank holding company throughout the Midwestern and Southeastern regions of the United States. Earlier today the firm announced it would buy MB Financial (NASDAQ:MBFI) for $4.7 billion in stock and cash. The news is causing MBFI stock to surge by more than 13 percent to $49.44 a share. Unfortunately, FITB is declining by more than 7 percent to $30.92 a share. That type of weakness is very common for a 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.
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