First Horizon Corporation Stock Forecast

First Horizon Corporation stock downgraded from Hold/Accumulate to Sell Candidate after Tuesday trading session.
(Updated on Jun 18, 2024)

FHN-PF Signals & Forecast

A buy signal was issued from a pivot bottom point on Friday, May 31, 2024, and so far it has risen 0.468%. Further rise is indicated until a new top pivot has been found. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Some negative signals were issued as well, and these may have some influence on the near short-term development. The First Horizon Corporation stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at $17.46 and $17.56. A break-up above any of these levels will issue buy signals. First Horizon Corporation gained volume on the last day, but on falling prices. In technical terms, this is called divergence and may be an early warning. In some cases, increasing volume on falling prices may be considered positive, but that is mainly in typical "sell-offs". The very low volume increases the risk and reduces the other technical signals issued. The stock had a Golden Star Signal on Friday, April 19, 2024 in the short-term chart.

Golden Star Signal is when the short-term moving average, the long-term moving average, and price line meet in a special combination. This combination is very rare and often followed by long and strong gains for the stock in question.

Support, Risk & Stop-loss for First Horizon Corporation stock

First Horizon Corporation finds support from accumulated volume at $17.35 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

In general the stock tends to have very controlled movements and with good liquidity the risk is considered very low in this stock. During the last day, the stock moved $0.120 between high and low, or 0.688%. For the last week the stock has had daily average volatility of 0.703%.

Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.

Trading Expectations (FHN-PF) For The Upcoming Trading Day Of Thursday 20th

For the upcoming trading day on Thursday, 20th we expect First Horizon Corporation to open at $17.47, and during the day (based on 14 day Average True Range), to move between $17.26 and $17.61, which gives a possible trading interval of +/-$0.174 (+/-1.00%) up or down from last closing price. If First Horizon Corporation takes out the full calculated possible swing range there will be an estimated 2.00% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at $17.51 (0.45%) than the support at $17.35 (0.47%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.

Is First Horizon Corporation stock A Buy?

First Horizon Corporation holds several negative signals and is within a falling trend, so we believe it will still perform weakly in the next couple of days or weeks. We therefore hold a negative evaluation of this stock. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Sell candidate.

Current score: -1.016 Sell Candidate Downgraded

Predicted Opening Price for First Horizon Corporation of Thursday, June 20, 2024

The predicted opening price is based on yesterday's movements between high, low, and closing price.