Huntington Bancshares Incorporated is a multi-state diversified financial holding company.
HBAN has been trading steadily sideways off its high of 6.18 for some time now. HBAN has been in a correction, and a closer look may have revealed that HBAN has been developing a triangle formation in its B wave of an ABC correction.
From 6.18 to 3.26 representing the A wave. The B wave could end relatively soon after the next small leg up, possibly to the 200 day moving average on the 15 minute chart, which would put it around 3.88 after todays sell off.
Although the mathematical calculations for this triangle formation have been somewhat stunted, if this analysis is correct then there still is further downside to come if HBAN. The final wave of the correction could reach 2.96 trading level before a signal to buy HBAN reveals itself.
We’ve had a buy signal on HBAN for some time and it has traded to our short term trading level. This B wave triangle correction should have traded to the long term level, but has been stifled by market momentum and sentiment. This trade has been stopped out just recently as the C wave forms.
However, if we consider the March lows as a zero point due to the recession, then the current correction could be a wave 2 if the March lows hold, in which future trading levels could be much higher to the twelve dollar range.