Sovereign Bancorp Inc.(SOV) is in an downtrend

(28-Apr-2008) (28-Apr-2008) Sovereign Bancorp Inc.(SOV) closed at 7.73, up 0.08 or 1.05 % for the day. Based on our analysis, Sovereign Bancorp Inc.(SOV) is in an downtrend.

The closing price of Sovereign Bancorp Inc.(SOV) is below its 50 day moving average of 9.91 (Designated by blue line). This indicates that the trend is down. The MACD histogram(Gray bars on the bottom) below the signal line(Dark Red Line) tells us that Sovereign Bancorp Inc.(SOV) is losing momentum. The loss of momentum in a downtrend confirms that the downtrend is intact. The MACD histogram crossed below the signal line on 23-Apr-2008, about 5 trading days ago.