Indications Suggest NYSE:TFC Could Be on the Verge of a Breakout.

Our stock screener has detected a potential breakout setup on TRUIST FINANCIAL CORP (NYSE:TFC). This breakout pattern is observed when a stock consolidates following a strong upward movement. It's important to note that this pattern is based on technical analysis, and the actual breakout outcome is uncertain. However, it might be worth keeping an eye on NYSE:TFC.

In-Depth Technical Analysis of NYSE:TFC

ChartMill assigns a Technical Rating to every stock. This score, ranging from 0 to 10, is updated daily and is determined by evaluating multiple technical indicators and properties.

We assign a technical rating of 8 out of 10 to TFC. 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.
• In the last month TFC has a been trading in the 35.09 - 38.02 range, which is quite wide. It is currently trading near the high of this range.
• When compared to the yearly performance of all other stocks, TFC outperforms 52% of them, which is more or less in line with the market.
• 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.

Why is NYSE:TFC a setup?

ChartMill takes into account not only the Technical Rating but also assigns a Setup Rating to each stock. This rating, on a scale of 0 to 10, reflects the degree of consolidation observed based on short-term technical indicators. Currently, NYSE:TFC exhibits a 9 setup rating, indicating its consolidation status in recent days and weeks.

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 37.61. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 37.09, a Stop Loss order could be placed below this zone. Very recently a Pocket Pivot signal was observed. This is another positive sign.

How can NYSE:TFC be traded?

A breakout opportunity may arise when the stock surpasses the current consolidation zone and reaches new highs. Traders often wait for this breakout before considering buying the stock. To manage risk, a stop loss order could be placed below the consolidation zone to limit potential losses.

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.

Our Breakout screener lists more breakout setups and is updated daily.

Disclaimer

Important Note: The content of this article is not intended as trading advice. It is essential to perform your own analysis and exercise caution when making trading decisions. The article presents observations created by automated analysis but does not guarantee any trading or investment outcomes. Always trade responsibly and make independent judgments.