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Possible Bearish Inside Day Candle Pattern Detected for Prudential Financial (NYSE:PRU)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Prudential Financial (NYSE:PRU) based on the price action in the company's shares. Today's price range of $81.02 and $81.57 is within yesterday's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Prudential Financial may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

There is potential upside of 20.0% for shares of Prudential Financial based on a current price of $81.46 and an average consensus analyst price target of $97.79. The stock should discover initial support at its 200-day moving average (MA) of $77.89 and subsequent support at its 50-day MA of $73.65.

Prudential Financial, Inc. provides financial services throughout the United States and several locations worldwide. The Company offers a variety of products and services, including life insurance, mutual funds, annuities, pension and retirement related services and administration, asset management, securities brokerage, real estate brokerage, and relocation services.

Prudential Financial share prices have moved between a 52-week high of $92.60 and a 52-week low of $57.19 and are now trading 42% above that low price at $81.46 per share. Over the last five market days, the 200-day moving average (MA) has gone down 0.3% while the 50-day MA has advanced 1.3%.

SmarTrend recommended that subscribers consider buying shares of Prudential Financial on July 26th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $75.72. Since that recommendation, shares of Prudential Financial have risen 7.8%. We continue to monitor PRU for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle Prudential Financial

Ticker(s): PRU