The CEO and chairman of the board just
bought 40,000 shares, or about $281,000 worth of stock, at $7.04 per share.
From a technical perspective, HBAN is currently trending above both its 50-day and 200-day moving averages, which is bullish. This stock has been uptrending strong for the last three months, with shares soaring from its low of $5.77 a share to its recent high of $7.10 a share. During that uptrend, shares of HBAN have been consistently making higher lows and higher highs, which is bullish technical price action. That move has now pushed shares of HBAN within range of triggering a near-term breakout trade.
If you're bullish on HBAN, then I would look for long-biased if this stock manages to break out above some near-term overhead resistance levels at $7.10 to $7.21 a share and then once it takes out more resistance at $7.38 a share with high volume. Look for a sustained move or close above those levels with volume that hits near or above its three-month average action of 11,357,600 shares. If that breakout triggers soon, then HBAN will set up to re-test or possibly take out its next major overhead resistance levels at $8 to $9.50 a share. Traders can also look to buy this stock off weakness to anticipate that breakout, as long as it continues to trend above its 50-day at $6.44 a share.
To see more stocks with notable insider buying, including
Bank of America
, check out the
Stocks With Big Insider Buying
portfolio on Stockpickr.
-- Written by Roberto Pedone in Winderemere, Fla.
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