MitchellKWarren

Why $93 Is An Important Level In PNC Financial Services

NYSE:PNC   PNC FINANCIAL SERVICES GROUP INC (THE)
32 0 0
Back in December, PNC             shares tried on several occasions to make a move above the $93 level, but inevitably ended correcting to $82. Now PNC             has once again made another rally, now trading just below the key resistance level . This is not the time to be buying the stock, but is the time to be waiting for a close above $93 to make a bullish trade. If it does happen look for a run to $100 and likely to a completion of the measured move to $104 ($93-$82=$11+$93=$104) in the longer-term.

Even though PNC             is near all-time highs currently, shares only trade at a P/E ratio of 11.73x (2016 estimates) with 8.7% EPS             growth, P/S ratio of 3.22x, and a P/B ratio of 1.20x. Revenue growth is likely to come back next year to the tune of 6% (north of $16B for the year).

Potential Options Trade Idea (if the stock closes above $93): Buy the Aug $92.50/$100 bull call spread for a $3.00 debit or better.

If you'd like to learn about my 1 on 1 equity/options mentoring courses that start at just $55 visit OptionsRiskManagement.com.
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