There are signs that NYSE:FHN may be ready to breakout.

FIRST HORIZON CORP (NYSE:FHN) has been identified as a Technical Breakout Setup Pattern by our stock screener. This pattern typically occurs when a stock takes a pause after a significant rise, indicating the possibility of a continuation in the trend. While it's impossible to predict with certainty, it might be beneficial to monitor NYSE:FHN.

Technical Analysis Observations

Every day ChartMill assigns a Technical Rating to every stock. The score ranges from 0 to 10 and is determined by evaluating multiple technical indicators and properties.

Taking everything into account, FHN scores 9 out of 10 in our technical rating. Both in the recent history as in the last year, FHN has proven to be a steady performer, scoring decent points in every aspect analyzed.

• The long and short term trends are both positive. This is looking good!
• When comparing the yearly performance of all stocks, we notice that FHN is one of the better performing stocks in the market, outperforming 89% of all stocks.
• FHN is one of the better performing stocks in the Banks industry, it outperforms 95% of 404 stocks in the same industry.
• FHN is currently trading in the upper part of its 52 week range. The S&P500 Index is also trading in the upper part of its 52 week range, so FHN is performing more or less in line with the market.
• In the last month FHN has a been trading in the 19.09 - 21.01 range, which is quite wide. It is currently trading in the middle of this range, so some resistance may be found above.

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

Looking at the Setup

Alongside the Technical Rating, ChartMill assigns a Setup Rating to evaluate the consolidation level of a stock. This rating, ranging from 0 to 10, is updated daily and considers various short-term technical indicators. The current setup rating for NYSE:FHN is 8:

FHN has an excellent technical rating and also presents a decent setup pattern. We see reduced volatility while prices have been consolidating in the most recent period. A pullback is taking place, which may present a nice opportunity for an entry. There is a resistance zone just above the current price starting at 20.93. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 19.98, a Stop Loss order could be placed below this zone.

Trading setups like NYSE:FHN

One strategy to consider is waiting for the actual breakout to occur, where the stock breaks out above the current consolidation zone. Traders can then enter a buy position, anticipating further upward momentum. As a risk management measure, it is advisable to set a stop loss order below the consolidation 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.

Keep in mind

This is not investing advice! The article highlights some of the observations at the time of writing, but you should always make your own analysis and invest based on your own insights.