NYSE: TFC stock price shed 7% in the weekly time frame. On August 17, it opened trading at $29.33, lowering to $28.83, it hit a high of $29.37 and closed at $28.97 with an intraday trading volume of 10.167 Million.
In the 52 weeks time frame, Truist Financial Corporation’s share price was $51.26, its lowest price was $25.56. The annual price target of TFC stock is $36.53, which is around 26.09% greater than its press time price.
Truist Financial Corporation has an average market capitalization of $38.587 Billion, and the share’s average trading volume is 11.36 Million. TFC stock might open a few percent below its previous closing price.
TFC Stock Price Analysis
Over the past three trading sessions, sellers have been more aggressive compared to buyers, and it is observed that constant selling pressure caused the decline in TFC price. Before the decline, the stock was trading above $30, but the price started to shed since August 14, and at press time, trading price of TFC stock was $28.93.
Technical analysis of TFC stock shows that if sellers continue to dominate, the price might decline further and face immediate support of $27.56 followed by $26.49.
In case the sellers fail to overrule buyers, there is a possibility that TFC stock might face immediate resistance of $29.93 followed by $30.55. On August 08, a big investor or a group had increased their holdings as an impressive surge in the trading price was visible.
According to TradingView, 1.328 Billion TFC shares are free-floating, and the remaining 4.185 Million shares are closely held by the company’s financial backers or the board of directors.
Truist Financial Corporation Earning & Revenue
In Q1 & Q2 2023, Truist Financial Corporation reported more revenue than the estimated figures. In Q1, the company was expected to report $6.09 Billion in revenue, but it reported $6.15 Billion. Similarly, in Q2, the company was expected to report $5.97 Billion, but the reported revenue was more than the estimated figure.
The company is expected to report $5.74 Billion in revenue in Q3 and $5.71 Billion in Q4 2023. Despite positive revenue in both quarters, the earnings per share slipped over 8.01% in Q1 and 7.94% in Q2.
In the financial year 2022, Truist Financial Corporation generated $25.56 Billion in revenue, including $8.18 Billion in operating income, $7.67 Billion in pretax income, and $6.26 Billion in the company’s net income.
Technical Levels
Support Levels: $27.56 and $26.49
Resistance Levels: $29.93 and $30.55
Conclusion
Technical analysis of TFC stock suggests the stock is undergoing a short-term squeeze. As per market analysts, by the end of the upcoming week, TFC’s share price might cross the golden hurdle of $30.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing
Source: https://www.thecoinrepublic.com/2023/08/19/will-the-recent-action-of-bip-wealth-llc-bar-tfc-stock-decline/