Two bullish banks: PNC and TFC

The Financials have had a breadth of bullish setups that we have highlighted in our The Stock Pulse report and in this blog including Affiliated Managers (AMG), Bank of America (BAC), Bank of New York Mellon (BK), Capital One Financial (COF), Citigroup (C), Citizens Financial (CFG), First Bancorp PR (FBP), Hanmi Financial (HAFC), Lemonade (LMND), Nasdaq (NDAQ), Nu Holdings (NU), Principal Financial (PRG), Rocket Companies (RKT), and State Street (STT).

This post highlights PNC Financial (PNC) and Truist Financial (TFC) are two bank stocks with the potential to break out from big bases.

PNC Financial (PNC) is setting up to break higher from a cup and handle formation dating back to early 2022. The handle of this big base is also a potential cup and handle from late 2024. A decisive rally beyond the 208 to 216 range, with additional confirmation on a move above the early 2022 peak at 228.14, would complete these bullish patterns and favor longer-term upside pattern counts at 273 and 320. Until then, rising 13-, 26-, and 40-week moving averages from 195 to 186 underpin the bullish bias for this stock.

PNC shows bottoming signs from the 2022 and 2025 relative lows vs. the S&P 500, which is potentially bullish for this stock.

Chart 1: PNC Financial Services Group Inc. (PNC) (top) and vs. the S&P 500 (bottom)

Truist Financial (TFC) has broken out from a late 2024-late 2025 bullish head and shoulders pattern and shows upside potential beyond the January 2023 and August 2022 highs at 51.26-52.22 toward the pattern count at 61. Holding the 49.06 to 47.14 zone would keep this breakout firmly in place. In addition, we are not ruling out an even bigger base for TFC dating back to 2022, which would make a case for upside back to the stock's early 2022 and late 2021 peaks near 65 and 68-69. Rising 13-, 26-, and 40-week moving averages from 46.06 to 43.30 reinforce this stock's bullish backdrop.

Similar to PNC, TFC shows signs of a bottom from the 2022 and 2025 relative lows vs. the S&P 500, which is potentially bullish for this stock.

Chart 2: Truist Financial Corporation (TFC) (top) and vs. the S&P 500 (bottom)