Negative Divergence Seen In Huntington Bancshares Incorporated (NASDAQ:HBAN)

Boston, MA, 04/22/2014  (usastockreport) –  Huntington Bancshares Incorporated (NASDAQ:HBAN) firmed up a little on Monday, the stock made an intraday high of $9.31 and lost a little momentum to consolidate at $9.24 with a gain of 0.33%

Huntington Bancshares Incorporated (NASDAQ:HBAN) has shown a strong downward momentum in its last two weeks, the stock has been on an upward momentum but saw a sharp downward turn in the last two weeks with a weekly loss of about 2.13%

As the daily charts for Huntington Bancshares Incorporated (NASDAQ:HBAN) suggest, the momentum indicators indicate a negative divergence.

The indicators took a sharp turn downward into the negative zone. This is a bearish sign indicating traders covering their positions and a strong selling in the stock. The relative strength index for the stock in near the oversold zone, this implies a weak upward momentum for the stock. The stock may continue to trade in the same range or show more losses in the upcoming trading sessions before it sees a trend reversal.

According to the daily charts, from the current levels, the stock has a its first support at $8.95 which is also its 200 day moving average, a close below this levels could see the stock plunge to $8.56 levels which is its next trend line support, on the upside the stock has strong resistance around $9.54 which is the level of its 50 day moving average, a positive break out from this level could see the stock soar to $10.29 which is also its previous high on April 4, 2014.

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(FIGURE): Daily Chart for Huntington Bancshares Incorporated (NASDAQ:HBAN)

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The board of directors of the company Huntington Bancshares Incorporated made a declaration of its quarterly cash dividends on April 16, 2014 for its Series A and Series B stocks. The dividend is payable on July15, 2014 for the shareholders on the record on July 1, 2014

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