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This Stock Shows Strong Momentum

This Stock Shows Strong Momentum

Huntington Bancshares Incorporated (Nasdaq: HBAN) operates as a holding company for The Huntington National Bank that provides commercial, small business, consumer, and mortgage banking services.

This stock offers a target potential upside of about 17% with a 3:1 potential reward to risk ratio.

Recommended Trade

Buy: Huntington Bancshares Incorporated (Nasdaq: HBAN)

Buy Price: $14.09

Target Price: $16.48 (+16.9%) based on the price pattern.

Stop Loss: $13.36 (-5.1%) based on the price pattern.

HBAN daily chart

Rationale: A stochastic buy signal confirms prices are likely to move higher and complete a consolidation pattern after the stock reached its downside target based on the head and shoulders top completed last month.

Risk: Coronavirus continues to threaten the broad stock market and a bear market will affect almost all stocks.