Monday, May 27, 2019 7:24:52 PM
$PNC Correction may not be complete, downside risks.
On the weekly chart there is mixed signal from the indicators, they Momentum an Stock are showing some weakness but the RSI and MACD are still positive. Volume must be higher to maintain the rally of the lows which seems to be struggle as the market is down for 5 consecutive weeks. The pivotal point is $138 if that holds as resistance selling could intensify quickly as a possible c wave begins to complete the ABC correction.
Now from a fundamentals perspective the stock is cheap at a12.2 p/e ratio and Mr Buffett increasing NYSE:BRK.B stake by 2 million shares to a total of 6.9 million is quite a vote of confidence, if Mr Buffett is continuing to buy we don't think he will do so at a premium so may wait for another pullback.
On the weekly chart there is mixed signal from the indicators, they Momentum an Stock are showing some weakness but the RSI and MACD are still positive. Volume must be higher to maintain the rally of the lows which seems to be struggle as the market is down for 5 consecutive weeks. The pivotal point is $138 if that holds as resistance selling could intensify quickly as a possible c wave begins to complete the ABC correction.
Now from a fundamentals perspective the stock is cheap at a12.2 p/e ratio and Mr Buffett increasing NYSE:BRK.B stake by 2 million shares to a total of 6.9 million is quite a vote of confidence, if Mr Buffett is continuing to buy we don't think he will do so at a premium so may wait for another pullback.
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