Based on good technical signals, FIRST HORIZON CORP is potentially setting up for a 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.

In-Depth Technical Analysis of NYSE:FHN

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.

We assign a technical rating of 9 out of 10 to FHN. In the last year, FHN was one of the better performers, but we do observe some doubts in the very recent evolution.

• The long term trend is positive and the short term trend is neutral. The long term trend may just continue or reversal may be around the corner!
• 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 96% of 405 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 - 20.79 range, which is quite wide. It is currently trading in the middle of this range where prices have been consolidating recently, this may present a good entry opportunity, but some resistance may be present above.

For an up to date full technical analysis you can check the technical report of FHN

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. There is a resistance zone just above the current price starting at 20.85. 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. Another positive sign is the recent Pocket Pivot signal.

How to trade NYSE:FHN?

One way to play this would be to wait for the actual breakout to happen and buy when the stock breaks out above the current consolidation zone. A possible place for a stop loss would be below this zone.

Of course, there are many ways to trade or not trade NYSE:FHN and this article should in no way be interpreted as trading advice. The article is purely based on an automated technical analysis and just points out the technical observations. Always make your own analysis and trade at your own responsibility.

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

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.