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Possible Bullish Inside Day Candle Pattern Detected for PNC Financial Services (NYSE:PNC)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in PNC Financial Services (NYSE:PNC) based on the price action in the company's shares. Yesterday's price range of $77.95 and $79.30 is within the prior day's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Traders and investors interested in shares of PNC Financial Services may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

PNC Financial Services Group, Inc. is a diversified financial services organization. The Company provides regional banking, wholesale banking, and asset management services nationally and in the Company's primary regional markets.

There is potential upside of 26.3% for shares of PNC Financial Services based on a current price of $78.97 and an average consensus analyst price target of $99.73. PNC Financial Services shares should first meet resistance at the 50-day moving average (MA) of $85.41 and find additional resistance at the 200-day MA of $89.69.

In the past 52 weeks, PNC Financial Services share prices have been bracketed by a low of $77.40 and a high of $100.52 and closed yesterday at $78.97, 2% above that low price. Over the last five market days, the 200-day moving average (MA) has gone down 0.3% while the 50-day MA has advanced 0.3%.

SmarTrend recommended that its subscribers protect gains by selling shares of PNC Financial Services on June 14th, 2016 by issuing a Downtrend alert when the shares were trading at $85.29. Since that call, shares of PNC Financial Services have fallen 8.7%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bullish am inside day candle PNC Financial Services

Ticker(s): PNC