PNC pushes through key technical resistance level
PNC Financial Services Group Inc. (PNC) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, PNC ended Thursday at 102.92 gaining $10.87 (11.81%), notably outperforming the S&P 500 (6.24%). The bulls were in full control today, moving the market higher throughout the whole session. Closing above Wednesday's high at 97.17, the stock confirmed its breakout through the previous session high after trading up to $6.56 above it intraday.
Daily Candlestick Chart (PNC as at Mar 26, 2020):
Thursday's trading range has been $11.68 (12.62%), that's far above the last trading month's daily average range of $8.84. Weekly volatility is also higher, being slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for PNC.
One bullish candlestick pattern matches today's price action, the White Candle. The last time a White Candle showed up on Tuesday, PNC gained 2.07% on the following trading day.
Buyers managed to take out the key technical resistance level at 96.50 (now S1), which is likely to act as support going forward. Prices are trading close to the key technical resistance level at 107.18 (R1).
While PNC Financial is experiencing a short-term uptrend, this could just be a correction, as both the medium and long-term trends are still bearish.
Among the eight market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "3 Consecutive Higher Closes" stand out. Its common bullish interpretation has been confirmed for PNC Financial. Out of 156 times, PNC closed higher 50.64% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 62.82% with an average market move of 0.60%.