The Greedy Trader Weekly Analysis
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Uptrend Support

Uptrend Support stock alert presents a technical analysis stock market picking technique based on combination of technical indicators, stock trend analysis, trend following indicators and pattern recognition. Stock market alert is a warning signal. Uptrend Support stock alert indicates that price is near long-term support trendline and probability of short-term trend reversal is high. The strategy here is to take advantage of established uptrend price pullback and entering the long position just prior to the continuation of the trend. The strategy has relatively low risk.

Uptrend Support

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- 3/15/2024 -
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PNC Bank Corp. (PNC) Technical Analysis

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Summary:
Weekly :Overbought sector
Daily :Price has crossed below the 50 Day Moving AverageBullish Meeting Lines CandlestickThe price has declined below the moving average in the center of the Bollinger Bands
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It was the negative week for the PNC Bank Corp. (PNC). During the week, the PNC dropped -1.55 points, or -1.03%, and closed at 148.78 on Friday, March 15, 2024. Weekly volume was -33% below average.

PNC is a member of Financials Sector. Financials is the most overbought sector. Sector/industry rotation is considered a proven strategy to beat the market. Use the following links to find overbought/oversold technical indicators by Sector or by Industry.

Long-term trend: [See PNC long-term trend chart]
A long-term downtrend had started on January 13, 2022 at 228.14 and reached 109.40 on October 25, 2023. PNC lost 118.74 points, or 52.05%, in 92 weeks. The price is now at the 33.16% retracement level.

Medium-term trend: [See PNC medium-term trend chart]
A medium-term uptrend had started on October 25, 2023 at 109.40 and reached 157.69 on January 8, 2024. PNC gained -48.29 points, or -44.14%, in 10 weeks. The chart has formed a Broadening Right-Angled, Descending Wedge chart pattern. The trend support level is at 137.14 and resistance is at 156.71. A Broadening Descending Wedge pattern is considered to be a reversal formation. It usually appears in a mature trend, characterized by overbought/oversold long-term and short-term indicators, and often generates divergence on long-term indicators. Use the following link to access a Broadening Right-Angled, Descending Wedge chart pattern help, or use a Technical Stock Screener to see the list of stocks with Broadening Right-Angled, Descending Wedge pattern in a medium-term trend.

Weekly Technical Indicators: [See PNC weekly technical indicators chart]
Weekly technical indicators are neutral.

The weekly MACD line is above its signal line since November 3, 2023. This is an indication that the medium-term trend is up. The distance between MACD and the signal line is low and getting smaller. It indicates that the current medium-term uptrend is getting weak. Use the following link to access a MACD help.

Short-term trend: [See PNC short-term trend chart]
A short-term uptrend had started on February 21, 2024 at 139.69 and reached 157.31 on March 5, 2024. PNC gained -17.62 points, or -12.61%, in 13 days. The price is now at the 48.41% retracement level.

Daily Technical Indicators: [See PNC daily technical indicators chart]
Daily technical indicators are neutral.

The daily MACD line is above its signal line since February 29, 2024. This is an indication that the short-term trend is up. The distance between MACD and the signal line is low and getting smaller. It indicates that the current short-term uptrend is getting weak.

During the last week, the price has declined below the moving average in the center of the Bollinger Bands. The Bollinger Bands are often used with a non-oscillator indicator like chart patterns or a trendline. The signals are considered more reliable if these indicators confirm the recommendation of the Bollinger Bands. Use the following links to access the Bollinger Bands Help, or use the Technical Stock Screener to see the list of stocks with the price above the Upper Bollinger Band or below the Lower Bollinger Band.

During the last week, the price has crossed below the 50 Day Moving Average. Such crossover is considered a bearish signal. The moving average crossover signals work better when the stock develops a strong trend, but they are ineffective when the stock is in a trading range. Moving average crossover systems can be effective, but should be used in conjunction with trend patterns, momentum indicators, candlesticks and other aspects of technical analysis. Use the following links to access Moving Average Crossover trading technique, or use the Technical Stock Screener to see the list of stocks with the Moving Average close to the price level.

Candlestick pattern: [See PNC candlestick chart pattern]
On Friday the chart has formed a Bullish Meeting Lines Candlestick pattern. This pattern appears during a decline, and it is a sign that a potential bullish reversal is in play. The reliability of the Bullish Meeting Lines Candlestick pattern is medium. Use the Technical Stock Screener to see the list of stocks that had a Bullish Meeting Lines Candlestick pattern during the last week.

Daily Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 57.46
Williams' Percentage Range (W%R) 57.30
Lane's Stochastic (%D-Slow) 40.51
Greed/Fear Indicator (GFI) 46.90
Moving Average Converg./Diverg. (MACD) 0.56
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 60.41
Williams' Percentage Range (W%R) 21.70
Lane's Stochastic (%D-Slow) 50.05
Greed/Fear Indicator (GFI) 59.06
Moving Average Converg./Diverg. (MACD) 5.34
Trading Signals
Description Value Chart
Quarterly Trendline Resistance 156.71
Upper Bollinger Band 155.53
50 Day Moving Average 149.74
Daily Stochastic Crossing 149.67
20 Day Moving Average 148.95
Price 148.78
Weekly Stochastic Crossing 148.67
Parabolic System 146.24
Lower Bollinger Band 143.76
Quarterly Trendline Support 137.14
Sector and Industry
Description Name Rank
Sector Financials 11
Industry Regional Banks 46
Daily Trend
Description Value
Direction Down
Chart Pattern DownTrend
High 157.31
High Date 03/05/2024
Low 147.09
Low Date 03/06/2024
Weekly Trend
Monthly Trend
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 139.69
Low Date 02/21/2024
High 157.31
High Date 03/05/2024
Description Value
Direction Down
Chart Pattern DownTrend
Status
Resistance
Support
High 157.69
High Date 01/08/2024
Low 139.69
Low Date 02/21/2024
Quarterly Trend
Yearly Trend
Description Value
Direction Up
Chart Pattern Broadening Right-Angled, Descending Wedge
Status Valid
Resistance 156.71
Support 137.14
Low 109.40
Low Date 10/25/2023
High 157.69
High Date 01/08/2024
Description Value
Direction Down
Chart Pattern DownTrend
Status
Resistance
Support
High 228.14
High Date 01/13/2022
Low 109.40
Low Date 10/25/2023
Warning: TheGreedyTrader.com presents weekly analysis. Technical indicators and trend parameters are calculated for the close of business day indicated on the top right corner of the screen.