• Trump Media shares lose 4% after rising before the opening of the session.
• Donald John Trump was convicted on Thursday of 34 felonies for falsifying business records.
• A New York state jury was unanimous on all counts against the former president.
• Support for DJT stock lies near $42 if shares fall from the $45 to $50 consolidation zone.

Trump Media & Technology (DJT) Group the company’s shares fell 4% on Friday following Thursday’s conviction following the listing of the namesake of Donald John Trump, former US president.

A New York state grand jury case involving falsifying business records to pay off a porn star with whom Trump had an affair has indicted Donald Trump on 34 counts, with sentencing scheduled for July 11. On Thursday, DJT shares fell 8% after the stock market rose in Friday’s pre-sale.

The NASDAQ lost 1.1% on Friday morning, even though the Federal Reserve’s (Fed) preferred inflation survey – the Personal Consumption Expenditures (PCE) report – came in lower than expected based on monthly core inflation.

Trump Media Stock News

Experts widely believe Trump will not serve any prison time for his conviction. If this happens, it will likely reduce the value of Trump Media & Technology Group’s TRUTH Social app.

The offenses are Class E, which is the lowest level of offense in the New York State criminal justice system. The sentence could include up to four years in prison. However, the legal opinion stipulates that Trump will face parole and a fine instead of serving his sentence in custody because he committed the crime for the first time.

Needless to say, Trump will continue to run for president. But if he wins, he won’t be able to dismiss the state case because presidents can only pardon federal crimes.

Trump’s political supporters vehemently call the verdict a “miscarriage of justice.” Social media is full of posts like these:

Post taken from the social networking site X (formerly Twitter)

Trump Media Stock Forecast

DJT stock continues to trade in the $45 to $50 range, where there has been ample support in the past, at least in DJT’s low history as a public company. If DJT falls below this range, the recent support at $42 could trigger again.

Trump Media shares touched both the 9-day and 20-day exponential moving averages (EMA) during Friday’s session, but also hit a high of $53.92. Any return to the territory above $55 is a sign of a return to growth.

Daily DJT stock chart