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

TRUIST FINANCIAL CORP (NYSE:TFC) 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:TFC.

Deciphering the Technical Picture 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.

Overall TFC gets a technical rating of 9 out of 10. 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.
• Looking at the yearly performance, TFC did better than 76% of all other stocks.
• 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.
• TFC is an average performer in the Banks industry, it outperforms 57% of 407 stocks in the same industry.

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

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.

TFC 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 47.97. Right above this resistance zone may be a good entry point.

How to trade NYSE:TFC?

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.

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.

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.