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Bail Out of PNC Financial

The stochastic issued a new sell signal


PNC Financial Services (NYSE:PNC) — PNC acquired RBC Bank, which could help it long term, but analysts estimate that the deal will reduce 2012 operating EPS estimates and that the merger won’t break even until 2013.

Technically PNC broke down from a huge “rounding top” in July. This top will be difficult for buyers to overcome, and so any rally in the stock will more than likely be limited in price. Its bullish support line was broken in May, and the stochastic issued a new sell signal.

The recent rally, in which the stock recovered from $50, offered an opportunity to sell for a better price, but the stock has now turned lower on a gap, so selling at market is advised.

Trade of the Day – PNC Financial Services (NYSE:PNC)

Trade of the Day Chart Key

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