The share price of Huntington Bancshares Inc. (HBAN) has been stuck in a sideways trading range for the past 12 months but it is finally breaking out on the topside. Read on to see where I would buy it and what upside price target I see.
In this daily bar chart of HBAN, below, we can see that prices were stuck between $12.00 on the downside and around $14.50 on the upside. HBAN has made a couple of closes above $14.50 and it is poised to trade higher. Prices are positioned above the rising 50-day moving average and the line crossed above the 200-day line in late October for a bullish golden cross. The On-Balance-Volume (OBV) line made a new high recently continuing the advance seen since late June. A rising OBV line only happens when there is more volume traded on up days. This is a sign of aggressive buying. The trend-following Moving Average Convergence Divergence (MACD) oscillator has turned up above the zero line for a buy signal.
In this weekly bar chart of HBAN, below, we can see the rally in 2016 and the consolidation in 2017. Prices are above the slightly rising 40-week moving average line. The weekly OBV line is turning up again with prices and the MACD oscillator on this time frame is bullish.
In this Point and Figure chart of HBAN, below, we can see the breakout trade at $14.50 and a $25.50 price target. The chart is strong and a decline down to $12.00 would be needed to weaken the picture.
Bottom line - long HBAN? Good. Looking to go long HBAN? I would buy it here and risk a close below $13.25 or $13.00 and target the $25 area in the months ahead.