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- 1 The PNC stock’s recent earnings and dividends came out in the stock and still, bearishness continues.
- 2 PNC Financial Services Group Inc. (PNC) stock is still making lower lows structure.
PNC Financial Services Group Inc. (PNC) stock’s market capitalization is $44.533 Billion and the shares float is $396.721 Million shares. Moreover, the stock’s basic EPS is $14.41 and the price-to-earnings ratio is 8.03.
Earlier in the past, the PNC stock publicized its earnings report for the December 2021 period ending January 18th, 2022.
The reported earnings gave a negative surprise of 11.84% of that period from the estimated earnings. Moreover, the reported revenue also gave a negative surprise at that time from the estimate of 0.40%.
The investors pulled out their money with the profit made after catching a rally from March 2020, $78 to $228.
Thereafter, on the charts, it is clearly noticeable that profit booking was so extreme that even in recent times. The PNC stock has had a bearish effect and the price is still declining from the trendline.
According to PNC Financial Services Group Inc. (PNC), the stock price has been rising from the past March 2020. The PNC stock rallied from the $79 support level by making higher highs and lows and reached $228 in January 2022. But at high, it faced resistance as investors took profit booking and went under the trendline.
Even the latest earnings reports did not support the price and followed the usual bearish trend. Furthermore, the period ending September 2023 reported revenue gave a positive surprise of 15.99% from the estimate but the reported revenue gave a negative surprise of 1.615 from the estimate.
It seems like investors are losing faith and that is how the stock was not able to attract more buyers which could have pulled the stock out of the continuous bearish trend.
Furthermore, the yearly price action shows that PNC Financial Services Group Inc. (PNC) stock price took a major rejection in January 2023 at $170 in the current year. It has been on a continuous declining trend making lower highs and lower lows ever since and showing poor performance on the charts.
Moreover, PNC has not shown good performance this month, as it fell by 10.69% and by 10.35% in the past six months. Also, the year-to-date return of PNC price is negative with a 29.96% decline.
PNC stock is currently trading near $111.82, below the resistance level of $120 and a downward trendline. The chart shows that the stock failed to break above the trendline and after every earnings report, the stock has experienced profit-taking pressure.
Therefore, if the PNC price continues to decrease more with profit booking, it might hit the nearest support levels of $100 and $90.
However, if it maintains the current level and reverses, the PNC price could continue to move upward and break the trendline and may reach the first and second resistances of $120 and $130.
Will Bearishness Continue Or PNC Stock Rise?
At the time of publishing, PNC Financial Services Group Inc. (PNC) stock is trading below the major 20 and 50-day EMA (exponential moving averages), which rejects the PNC price trend.
Summary
PNC Financial Services Group Inc. (PNC) chart indicates that the traders and investors of the stock price are bearish on the 1-D time frame. The price action shows a bearish outlook at the time of publishing and the profit booking might still continue. The technical analysis tools of PNC stock price indicate bearishness.
Technical Levels
Support Levels: $100 and $90
Resistance Levels: $120 and $130
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
