The question on everyone's mind: Will FIRST HORIZON CORP breakout?

Our stock screener has detected a potential breakout setup on FIRST HORIZON CORP (NYSE:FHN). 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:FHN.

Technical analysis of NYSE:FHN

ChartMill assigns a proprietary Technical Rating to each stock. The score is computed daily by evaluating various technical indicators and properties. The score ranges from 0 to 10.

Overall FHN gets a technical rating of 10 out of 10. This is due to a consistent performance in both the short and longer term time frames. Also compared to the overall market, FHN is showing a nice and steady performance.

• 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 FHN is one of the better performing stocks in the market, outperforming 89% of all stocks. We also observe that the gains produced by FHN over the past year are nicely spread over this period.
• FHN is one of the better performing stocks in the Banks industry, it outperforms 97% of 403 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 - 20.88 range, which is quite wide. It is currently trading near the high of this range.
• Prices have been consolidating recently, this may present a good entry opportunity.

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

Looking at the Setup

Besides the Technical Rating, ChartMill assigns a Setup Rating to every stock to determine the degree of consolidation. This rating, ranging from 0 to 10, is updated daily and evaluates various short-term technical indicators. NYSE:FHN currently holds a 9 as its setup rating, suggesting a particular level of consolidation in the stock.

FHN has an excellent technical rating and 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 20.89. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 20.27, a Stop Loss order could be placed below this zone. Very recently a Pocket Pivot signal was observed. This is another positive sign.

Trading breakout setups.

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.

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.

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.