October 19 Chart of the Day - Truist Financial
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Truist Financial Corporation (TFC) reported $5.67 billion in revenue for the quarter ended September 2023, representing a year-over-year decline of 3%. EPS of $0.84 for the same period compares to $1.24 a year ago.
Analysts said blah, blah, blah...
We just look at chart from a price action technical analysis perspective. Not from a fundamental or news perspective.
With that in mind we set out to look at the monthly, weekly, and daily chart to identify potential levels of interest in both directions.
Currently trading around $29 price is well off its $68.95 all time high (ATH) set in early 2022.
On the monthly chart we can see price flirting with a trend line established way back in 2009. Price can often take its time when deciding around support levels like this but once it decides it can move aggressively away in either direction. Often times though an area on a chart like that can act as a magnet drawing it back for more decision making.
On the weekly chart we can see in detail how that actually happened. After testing the longer term trend line price popped about $10 per share only to return to the same area and forming a newer lower time frame trend line.
Down on the daily chart we've added Fibonacci levels in both directions as well as additional support/resistance that provide upside as well as downside targets from which to develop a trade and/or investment plan.
So what's next?
We don't make predictions...
Nobody knows for sure but using these 5 price action tools traders and investors can develop levels of interest in both directions.
- Support/Resistance
- Trend
- Fibonacci
- Supply/Demand Zones,
- Change Control Zones
Take a look at the charts and let us know what you think.
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