Wed, Apr 24, 2013
Bank Stock's Breakout Poised to Make Traders Fast Returns
Since topping out in April 2010, PNC Financial Services Group (NYSE: PNC) has basically treaded water, continually failing to break past a key line of resistance around the $67-$68 area. But that looks like it's about to change.
During the past 12 months, pullbacks from the resistance area have become shallower, and subsequent reversals back up to resistance have steepened. This indicates that the stock is finally ready to shoot past this wall of resistance and go roughly 10%-20% higher over time.