PRU dominated by bulls lifting the market higher throughout the day

Prudential Financial Inc. (PRU) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team


PRU breaks back above 50-day moving average
PRU dominated by bulls lifting the market higher throughout the day
PRU closes higher for the 2nd day in a row
PRU pushes through Monday's high


Moving higher for the 2nd day in a row, PRU ended the month -0.1% lower at 60.90 after gaining $1.70 (2.87%) today, notably outperforming the S&P 500 (1.54%). The bulls were in full control today, moving the market higher throughout the whole session. Closing above Monday's high at 59.43, the share confirmed its breakout through the previous session high after trading up to $1.81 above it intraday.

Daily Candlestick Chart (PRU as at Jun 30, 2020):

Daily technical analysis candlestick chart for Prudential Financial Inc. (PRU) as at Jun 30, 2020

Tuesday's trading range has been $2.58 (4.39%), that's slightly below the last trading month's daily average range of $2.86. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for PRU.

Despite a weak opening Prudential Financial managed to close above the prior day's open and close, forming a bullish Engulfing Candle. Additionally, two candlestick patterns are matching today's price action, the White Candle which is known as bullish pattern and one bearish pattern, the Bearish Hikkake Pattern.

The market managed to close back above the 50-day moving average at 60.19. When this moving average was crossed above the last time on June 25th, PRU actually lost -3.89% on the following trading day.

The stock shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend still being bullish.

Among the nine market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bullish Engulfing Candle" stand out. Its common bullish interpretation has been confirmed for Prudential Financial. Out of 38 times, PRU closed higher 52.63% 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 63.16% with an average market move of 0.17%.

Market Conditions for PRU as at Jun 30, 2020

Loading Market Conditions for PRU (Prudential Financial Inc.)...
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