PNC financial services (PNC Stock), is an American Bank holding company and financial services corporation. It operates through the following segments – asset management group, retail banking, corporate and institutional banking.
During the end of December and the start of January, PNC stock price was in a bullish trend and formed a high at $169. The support level of $148 was created as the stock price faced rejection from $169 level. The price again commenced a bullish rally to retest the high but was not successful in doing so which again triggered a drop in the price.
During the start of March, PNC stock price finally, with increased participation of sellers in the market, shattered the support level of $148. The price then entered into a consolidation phase ranging between $120 and $132 which was also broken. Recently, PNC stock price has formed support at $111.50 and entered into an uptrend forming higher highs and higher lows.
Currently, PNC stock price has formed support at $122 and is headed toward the immediate resistance level of $129.50. The concern is regarding the stock price facing rejection from the 20 and 50-Day EMAs. The previous candle closed as a weak bullish candle with a long wick to the upside and a small body indicating selling pressure over the price.
Dividend Yield Of PNC Financial Services
Noting the turbulence going on in the banking sector and recession fears in the near future, investors are more aligned toward stocks with high dividend yields. PNC financial services is one of the stocks with a high dividend yield. PNC financial services has increased its quarterly dividend by 20% to $1.50 per share announced in April 2022.
In the duration of the past five years, PNC has increased its dividend four times. The operating expenses of PNC financial services has increased from $3074 million to $5630 million. Despite the near-term headwinds like rising expenses and worsening operation backdrop, PNC stock is fundamentally sound.
Will PNC Stock Price $129.50 Level?
The stock price traded below 20,50,100 and 200-day EMAs suggesting bearish momentum and facing rejection from the 20 and 50-day EMAs. The Chaikin money flow score is 0.20 indicating strength in the market. RSI trades at 49.06 in the neutral territory facing the same pressure from bulls and bears and a possibility of consolidation between $122 and $129.50 levels. PNC price arrived at the upper band and started to downtrend. If the price is headed toward a lower band it might fall near the $117 level.
Conclusion
The market structure and price action of PNC financial services are bullish as the price has entered into an uptrend forming higher highs and higher lows. The technical parameters indicate that there is strength in the market.
Technical levels
Major support: $122 and $111.50
Major resistance: $129.50 and $138
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing
Source: https://www.thecoinrepublic.com/2023/06/27/pnc-financial-services-pnc-stock-price-forms-higher-lows/