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Financial Services Name Coiling in High Tight Bull Flag

by | Jan 24, 2024

Truist Financial (TFC) shares are coiling in a high tight bull flag similar to many of the banking stock currently and could see some sector rotation back into financials that have held up quite well in the past several weeks. TFC can breakout above monthly value highs of 37.85 and a move beyond 38 would likely see a swift rally to 40 as a first target with a lot of open space above current prices so an extended rally can see 42.50. TFC has been a strong financial name since October when it saw insider buying from the CEO and large bullish option flows. Also just today saw 11,000 March $42.50 calls buying at $0.19 as some cheap upside bets playing for a breakout.

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