• Trump Media stock rotates 4% lower after gaining in premarket.
• Donald John Trump was convicted of 34 felony counts for falsifying business records on Thursday.
• New York state jury was unanimous on all counts against former President.
• DJT stock support sits near $42 if shares fall out of $45 to $50 consolidation zone.

Trump Media & Technology Group (DJT) stock is sliding 4% on Friday following Thursday’s post-market conviction of namesake Donald John Trump, the former US president. 

The New York state criminal jury case involving falsifying business records in order to pay off a pornstar that Trump had an affair with handed Donald Trump 34 felony counts, and sentencing is scheduled for July 11. DJT stock fell 8% post-market on Thursday before rallying in Friday’s premarket.

The NASDAQ shed 1.1% on Friday morning despite the Federal Reserve’s (Fed) favored survey of inflation — the Personal Consumption Expenditures (PCE) report — coming in lower than expected on monthly core inflation.

Trump Media stock news

The general belief from pundits is that Trump will not serve any prison time for his conviction. If he does, that would likely reduce the value of the TRUTH Social app owned by Trump Media & Technology Group.

The felonies are class E, which is the lowest level of felony in the New York state justice system. The sentence could include up to four years in prison. Legal opinion, however, expects Trump to face parole and fines rather than serving time in detention since he is a first-time offender. 

Needless to say, Trump will continue to run for the presidential election. If he wins, however, he will not be able to discard the state case since presidents are only able to issue pardons for federal crimes.

Trump’s political supporters are resolute in calling the conviction a “miscarriage of justice”. Social media is full of posts similar to the following: 

A post taken from X social media site (formerly Twitter)

Trump Media stock forecast

DJT stock continues to trade within the $45 to $50 range where there has been ample support historically, at least in its short history as a public company. If DJT falls below this range, then the recent support at $42 may work again.

Trump Media stock has touched both the 9-day and 20-day Exponential Moving Average (EMA) in Friday’s session but also resulted in a range high up to $53.92. Any return to territory above $55 is a sign that a rally is back in play. 

DJT daily stock chart

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• Source: https://www.fxstreet.com/news/trump-media-technology-group-stock-forecast-djt-falls-4-as-conviction-takes-its-toll-202405311548