The question on everyone's mind: Will TRUIST FINANCIAL CORP 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.

What is the technical picture of NYSE:TFC telling us.

As part of its analysis, ChartMill provides a comprehensive Technical Rating for each stock. This rating, ranging from 0 to 10, is updated on a daily basis and is based on the evaluation of various technical indicators and properties.

We assign a technical rating of 10 out of 10 to TFC. Both in the recent history as in the last year, TFC has proven to be a steady performer, scoring decent points in every aspect analyzed.

• Both the short term and long term trends are positive. This is a very positive sign.
• When comparing the yearly performance of all stocks, we notice that TFC is one of the better performing stocks in the market, outperforming 79% of all stocks. On top of that, TFC also shows a nice and consistent pattern of rising prices.
• TFC is one of the better performing stocks in the Banks industry, it outperforms 73% of 411 stocks in the same industry.
• TFC is currently trading in the upper part of its 52 week range. The S&P500 Index however is currently trading near a new high, so TFC is lagging the market slightly.
• 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.

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

Looking at the Setup

In addition to the Technical Rating, ChartMill provides a Setup Rating for each stock. This rating, ranging from 0 to 10, assesses the level of consolidation in the stock based on multiple short-term technical indicators. Currently, NYSE:TFC has a 8 as its setup rating, indicating its current consolidation status.

Besides having an excellent technical rating, TFC also presents a decent setup pattern. Prices have been consolidating lately and the volatility has been reduced. A pullback is taking place, which may present a nice opportunity for an entry. There is a support zone below the current price at 38.53, a Stop Loss order could be placed below this zone.

How can NYSE:TFC be traded?

A breakout could materialize when the stock breaks out to new highs above the current consolidation zone. One could wait for this to happen and buy when this happens. A stop loss could be placed below the consolidation zone.

Disclaimer: This article is not intended to provide trading advice. It is crucial to conduct your own analysis and consider your own observations and trading style when making investment decisions. The article solely presents technical observations and should not be relied upon as a sole basis for trading.

More breakout setups can be found in our Breakout screener.

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.