Watch the support levels after it breaks down of inside week
0.94 Pearsons R value, Linear regression strong uptrend. Various chart patterns identified including, two bump and run tops, a double top, and currently forming an ascending triangle with a possible bullish breakout as a result. PNC is currently trading within a strong upward channel.
PNC may be rebounding a bit for a pullback to 135 Put spread 140/135 Price was $1.92, Spread 5 points. Max loss will be twice the profit. $1.54 will be max profit for a total of $3.46 in the spread. Max loss is 75% of total price of spread. Which may be taken at 75% of duration of option if the play is wrong so October 14-20. If the play turns out to be...
PNC is looking more and more bullish 130/135 Call Spread EXP is Oct 18 Max Loss is $150 max gain is $163 profit Reason for trade is RSI divergence into bull trend, Spy Uptrend.
PNC may move lower putting on a spread 125/120 Exp Oct 18 $1.89 cost of spread Max loss is $122 Max gain is $157.25-212.75 This spread may be too long of a duration if I hit target sooner I may take the lower range of my profit target. Lets see how it pans out
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...
PNC expected to open at 91.25 for a Perfect Gap N Go. A lot of people trapped but huge jumps can be unpredictable. To learn to trade this strategy for free go to www.RealLifeTrading.com