This Stock Just Broke Out. Buy It Now!
by Tara Young, Trades Of The Day • July 17, 2019
The bank holding company based in Memphis, Tennessee, First Horizon National Corp (NYSE: FHN) seems to be poised for a price surge according to its charts.
Bullish Indications
#1 Symmetrical Triangle Pattern breakout: The daily charts shows that a symmetrical triangle pattern has been formed for the stock. This is marked in pink color lines. A symmetrical triangle pattern represents a period of consolidation before the price breaks out.
This is typically formed when there is indecision in the price movements and uncertainty among the buyers and sellers. Once a breakout from the upper trend line occurs, it usually signifies the start of a new bullish trend. Currently, the stock has broken out of the symmetrical triangle pattern. This is a possible bullish sign.