I wrote about PNC Financial Services Group (PNC) on April 23, concluding that, "In full disclosure I do have a banking relationship with PNC, however, I would not recommend the long side of the stock. With a downtrend on the OBV line and a bearish price target from the Point and Figure chart I cannot make the case for a purchase."
The stock was trading at $100 at the time and now is trading shy of $116. Has there been a material change in the indicators? Let's check.
In this updated daily bar chart of PNC, below, we can see that prices have on balance improved from April 23rd. PNC is now trading above the rising 50-day moving average line. Prices are still below the declining 200-day moving average line.
The daily On-Balance-Volume (OBV) line is still in a downtrend from February, telling us that sellers of PNC have been more aggressive with heavier trading volume being recorded on days when the stock has closed lower.
The Moving Average Convergence Divergence (MACD) oscillator has recently moved above the zero line for an outright go long signal.