PRU closes lower for the 2nd day in a row
Prudential Financial Inc. (PRU) Technical Analysis Report for Feb 14, 2020 | by Techniquant Editorial Team
Moving lower for the 2nd day in a row, PRU ended the week -0.2% lower at 94.48 after losing $1.09 (-1.14%) today on low volume, strongly underperforming the S&P 500 (0.18%) ahead of tomorrow's Presidents' Day market holiday. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Daily Candlestick Chart (PRU as at Feb 14, 2020):
Friday's trading range has been $1.04 (1.1%), that's below the last trading month's daily average range of $1.58. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for PRU.
One bearish candlestick pattern matches today's price action, the Bearish Spinning Top. The last time a Bearish Spinning Top showed up on January 10th, PRU actually gained 0.70% on the following trading day.
After trading as low as 93.89 during the day, Prudential Financial found support at the 50-day moving average at 93.95. Prices are trading close to the key technical resistance level at 95.29 (R1).
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the seven market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Gap Down" stand out. Though it is usually interpreted as bearish, it has actually shown to be bullish for Prudential Financial. Out of 135 times, PRU closed higher 57.78% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 61.48% with an average market move of 0.61%.