PRU closes within previous day's range
Prudential Financial Inc. (PRU) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, PRU ended Thursday at 54.65 gaining $3.04 (5.89%), slightly underperforming the S&P 500 (6.24%). Closing within the previous day's range, prices missed to decisively move beyond the prior day's trading range.
Daily Candlestick Chart (PRU as at Mar 26, 2020):
Thursday's trading range has been $5.42 (10.33%), that's slightly above the last trading month's daily average range of $5.14. Weekly volatility is also higher, being above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for PRU.
After spiking up to 57.78 during the day, the stock found resistance at the 20-day moving average at 57.17. The last time this happened on February 4th, PRU actually gained 2.26% on the following trading day.
Although the share is experiencing a short-term uptrend, this might just be a correction, as both the medium and long-term trends are still bearish.
Among the three market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "3 Consecutive Higher Closes" stand out. Its common bullish interpretation has been confirmed for Prudential Financial. Out of 157 times, PRU closed higher 52.87% 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 54.78% with an average market move of 0.36%.