PNC Financial $PNC was in a bullish breakout from a wedge pattern. However, the inability to break above the 200-day simple moving average (SMA) suggests that bulls are still weak. PNC Daily Chart(click to enlarge)Bulls Fail:- The bullish breakout from the wedge did not have a good follow-through.- As noted, price was held under the 200-day SMA. - The RSI failed to reach 70, and instead quickly returned below 60, a sign that the momentum is still bearish.- The fact is, the price high in July/August is lower than the price high in June. The pattern of lower highs continue, so we should also anticipate a lower low. - At this point, I think we need some patience with PNC and see if price will drift down to the $130-$132 area, which is a key support/resistance pivot area. - Or perhaps, if the RSI does NOT return to 30, and price does NOT fall below $134, we will see price action start to consolidate sideways.- But until we get a sign that the market is not going to make another low, we should anticipate a lower low.