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TFC Stock Price Prediction: TFC May Crash More, Analysts Say?

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TFC Stock Price Prediction: TFC May Crash More, Analysts Say?
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Truist Financial Corp. (TFC) price surged nearly 3.22% in the last week after taking a rebound from the previous demand zone. However, the stock price fell 1.8% on Tuesday’s intraday session eroding the gains in the last week. The TFC shares are in need of a higher influx of buyers to add more gains. 

The TFC stock daily chart shows that the price crashed after the breakdown of the $40 level in March 2023 and hit a low of $25 in May 2023. Thereafter, bulls showed some interest and the price hiked to the $35 level followed by short-selling again which took the price to the $28 level.

Recently, the stock price bounced back from the lower levels. However, the price seemed to be losing buyers’ momentum on Friday and Tuesday as the price could not surpass the 50-EMA and ended up forming a bearish candle. 

 The analysts offering a 1-year price forecast for Truist Financial Crop. have a maximum estimate of $45 and a minimum estimate of $29.50. Truist Financial Crop. company is a financial holding company engaged in providing banking services to individuals and businesses.

TFC Stock Price Prediction: TFC May Crash More, Analysts Say?
 Source: barchart.com

TFC stock option-chain analysis states that the current implied volatility in the market is 30.56% with an increment of 2.32% in the last trading session. The nearest support of $29 has an OI of 30 open contracts on the CALL side and 360 open contracts on the PUT side indicating that the buyers are in domination at the support. 

TFC Stock Price Suffered Rejection From an Upper Trendline

Source: Truist Financial Crop.  1D. NYSE By TradingView

The TFC stock price fell nearly 2% on Tuesday after suffering rejection from the key moving average 50-EMA. The price also seemed to respect an upper trendline resistance. 

The stock price has formed a negative candle over the daily chart. If the price follows on Wednesday, then the price may decline to $28 in the upcoming sessions. The price is in the control of bears until it surpasses the 50-EMA.

The breakout above 50-EMA may give some hope to the buyers and the price may surge to upper levels.

The TFC Stock Suffered Rejection From Key The Moving Average 50-EMA

Source: Truist Financial Crop.  1D. NYSE By TradingView

The daily TFC stock price chart shows that the price is trading below the 200 EMA indicating the long-term bearishness prevailing in the market. Also, the price suffered rejection from the 50-EMA indicating the sellers dominating in the short term. 

Currently, the overall technical opinion rating including RSI and MACD is signaling a 72% sell with an average short-term outlook on maintaining the current direction.

Conclusion

TFC stock price has been on a downtrend since March 2023 and bounced back from the low of $25 in May 2023. The price has been facing resistance from the 50-EMA and an upper trendline. The price fell 2% on Tuesday and may drop to $28 in the next sessions. The analysts have a maximum estimate of $45 and a minimum estimate of $29.50 for the stock price. TFC stock is a financial holding company that provides banking services to individuals and businesses.

Technical Levels

  • Support levels: $28.1 and $25.6
  • Resistance levels: $33.77 and $35.27
Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss. 

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