After studying the chart of PNC Financial Services Group (PNC), I believe a strong move will occur within the next week.
PNC is a diversified financial services company offering retail banking, corporate and institutional banking, asset management, and residential mortgage banking. The company is poised for growth due to rising loans balance, an expansion of its middle-market lending franchise, and diversification of its revenue sources.
Take a look at the 1-year chart of PNC below with the added notations:
Chart of PNC provided by TradingView
While climbing a clear trendline of support (green), PNC has also formed an important level of resistance at $115 (red). After hitting that $115 mark, again, to start this week off.
A trader could buy shares of PNC if the $115 resistance is broken, with the expectation of a breakout. Or short PNC if the stock falls beneath the trendline support.
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Christian Tharp, CMT
PNC shares were trading at $111.58 per share on Wednesday morning, up $0.29 (+0.26%). Year-to-date, PNC has declined -27.96%, versus a 7.06% rise in the benchmark S&P 500 index during the same period.
About the Author: Christian Tharp, CMT
Christian is an expert stock market coach at the Adam Mesh Trading Group who has mentored more than 4,000 traders and investors. He is a professional technical analyst that is a certified Chartered Market Technician (CMT), which is a designation awarded by the CMT Association. Christian is also the author of the daily online newsletter Todays Big Stock. More...
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