PRU finds buyers at key support level


Prudential Financial (PRU) Technical Analysis Report for Jul 13, 2018 [1 min read]
Highlights
PRU finds buyers at key support level
PRU closes lower for the 4th day in a row
PRU finds buyers again around 94.51
PRU falls to lowest close since July 6th
PRU closes within previous day's range after lackluster session
TQ Sentiment
Report Sentiment: 25% Bullish
Technical Forecast:
Overview

Moving lower for the 4th day in a row, PRU finished the week 0.23% higher at 95.07 after losing $0.23 (-0.24%) today. Today's closing price of 95.07 marks the lowest close since July 6th. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range in a lackluster session. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.

Daily chart for PRU
Volatility

Friday's trading range was $1.07 (1.13%), that's far below last trading month's daily average range of $1.62. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being below average.

Price Action

During the whole day, prices traded within the prior day's range, unable to trade above the previous day's high or below the prior day's low forming an Inside Bar.

Support/Resistance

After trading as low as 94.51 during the day, the share bounced off the key support level at 94.51. The failure to close below the support might increase that levels importance as support going forward. After having been unable to move lower than 94.42 in the previous session, the stock found buyers again around the same price level today at 94.51.

Trend

While the market is experiencing a short-term up trend, this could just be a correction, as both the medium and long term trends are still in negative territory.

Order Flow

Selling might accelerate should prices move below the close-by swing low at 94.42 where further sell stops could get activated. With prices trading close to this year's low at 92.05, downside momentum might speed up should Prudential Financial break out to new lows for the year.

Conclusion

While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bullish.

Market Conditions for Prudential Financial
ConditionForecastDirectionWinAvgWorstBestEvents
Close to Swing Low TQ Pro Members Only
Close to S1 Support TQ Pro Members Only
Closed below last periods low TQ Pro Members Only
Bearish Break through SMA 20 TQ Pro Members Only
Bullish Spinning Top TQ Pro Members Only
More market conditions identified for TQ Pro members...
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