Interesting Technical Analysis finding for TRUIST FINANCIAL CORP (NYSE:TFC)

We've identified TRUIST FINANCIAL CORP (NYSE:TFC) as a potential breakout candidate based on our stock screener's analysis. This breakout setup pattern suggests that after a strong uptrend, the stock is currently consolidating, potentially signaling a continuation of the trend. Keep an eye on NYSE:TFC for further developments.

Insights from Technical Analysis

Every day, ChartMill assigns a Technical Rating to each stock, providing a score ranging from 0 to 10. This rating is determined by evaluating various technical indicators and properties.

Taking everything into account, TFC scores 8 out of 10 in our technical rating. This is due to a decent performance in both the short and medium term time frames. Compared to the overall market, TFC is only an average performer.

• Both the short term and long term trends are positive. This is a very positive sign.
• TFC is currently showing a bull flag pattern! A bull flag pattern occurs when prices pull back slightly after a strong rise up. This may be a nice opportunity for an entry.
• When comparing the performance of all stocks over the past year, TFC turns out to be only a medium performer in the overall market: it outperformed 54% of all stocks.
• TFC is an average performer in the Banks industry, it outperforms 42% of 415 stocks in the same industry.
• TFC is currently trading in the middle of its 52 week range. The S&P500 Index however is currently trading near new highs, so TFC is lagging the market.

Our latest full technical report of TFC contains the most current technical analsysis.

How do we evaluate the setup for NYSE:TFC?

ChartMill also assign a Setup Rating to every stock. With this score it is determined to what extend the stock has been trading in a range in the recent days and weeks. This score also ranges from 0 to 10 and is updated daily. The setup score evaluates various short term technical indicators. NYSE:TFC scores a 8 out of 10:

Besides having an excellent technical rating, TFC also presents a decent setup pattern. Prices have been consolidating lately and the volatility has been reduced. There is a resistance zone just above the current price starting at 37.25. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 35.78, a Stop Loss order could be placed below this zone. We notice that large players showed an interest for TFC in the last couple of days, which is a good sign.

Trading breakout setups.

For a potential trade one would typically wait until the stock breaks out of the consolidation zone to enter the stock and it could be sold again for a loss when it would fall back below the zone.

Please note that this article should not be construed as trading advice. The information provided is solely based on automated technical analysis and serves to highlight technical observations. It is important to conduct your own analysis and make trading decisions based on your own judgment and responsibility.

Every day, new breakout setups can be found on ChartMill in our Breakout screener.

Disclaimer

This article should in no way be interpreted as advice in any way. The article is based on the observed metrics at the time of writing, but you should always make your own analysis and trade or invest at your own responsibility.