PNC closes lower for the 2nd day in a row


PNC Financial Services (PNC) Technical Analysis Report for Aug 10, 2018 [1 min read]
Highlights
PNC tanks -1.15% closing $1.67 lower
PNC closes above its opening price after recovering from early selling pressure
PNC breaks below 20-day moving average
PNC fails to close above 20-day moving average
PNC closes lower for the 2nd day in a row
TQ Sentiment
Report Sentiment: 55% Bearish
Technical Forecast:
Overview

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 chart for PNC
Volatility

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.

Support/Resistance

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.

Trend

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.

Conclusion

While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bullish.

Market Conditions for PNC Financial Services
Condition Forecast Direction Win Avg Worst Best Events
Strong Up Move TQ Pro Members Only
White Candle TQ Pro Members Only
Close to S1 Support TQ Pro Members Only
Price broke through Technical Resistance R1 TQ Pro Members Only
Very Strong Up Move TQ Pro Members Only
More market conditions identified for TQ Pro members...
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Latest Report:

PNC pushes through key resistance level

Aug 16, 2018
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