PRU closes within prior day's range
Prudential Financial Inc. (PRU) Technical Analysis Report for Mar 27, 2020 | by Techniquant Editorial Team
PRU finished the week 25.51% higher at 53.04 after losing $1.61 (-2.95%) today, but still slightly outperforming the S&P 500 (-3.37%). Closing within the prior day's range, prices missed to decisively move beyond the previous day's trading range.
Daily Candlestick Chart (PRU as at Mar 27, 2020):
Friday's trading range has been $4.57 (8.86%), that's slightly below the last trading month's daily average range of $5.23. Things look different on the weekly timeframe, where the market's trading range of the last week has been above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for PRU.
Prices are trading close to the key technical resistance level at 57.38 (R1).
Although Prudential Financial is experiencing a short-term uptrend, this might just be a correction, as both the medium and long-term trends are still bearish.
Buying could speed up should prices move above the close-by swing high at 57.78 where further buy stops might get triggered.