PNC closes lower for the 2nd day in a row
PNC Financial Services (PNC) Technical Analysis Report for Aug 10, 2018 | by Techniquant Editorial Team
Moving lower for the 2nd day in a row, PNC ended the week -1.02% lower at 143.55 after tanking $1.67 (-1.15%) today. This is the biggest single day loss in over three weeks. Today's closing price of 143.55 marks the lowest close since July 26th. Trading up to $0.78 lower after the open, the share managed to reverse during the session as bulls took control ending the day above its opening price. Closing below Thursday's low at 145.03, the stock confirms its breakout through the prior session's low having traded $2.28 below it intraday. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Daily Candlestick Chart (PNC as at Aug 10, 2018):
Friday's trading range was $1.42 (0.99%), that's below last trading month's daily average range of $1.82. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being slightly below average.
Prices are trading close to the key resistance level at 144.23. After spiking up to 144.17 during the day, the market found resistance at the 20-day moving average at 143.84.
PNC Financial shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend being bullish. PNC broke below the 20-day moving average at 143.84 today for the first time since June 11th.