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

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Prudential Financial (NYSE:PRU) based on the price action in the company's shares. Yesterday's price range of $67.30 and $69.07 is within the prior day'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. Traders and investors interested in shares of Prudential Financial may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

In the past 52 weeks, Prudential Financial share prices have been bracketed by a low of $57.19 and a high of $92.60 and closed yesterday at $68.70, 20% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 1.3% while the 200-day MA has slid 0.3%.

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.

Potential upside of 42.3% exists for Prudential Financial, based on a current level of $68.70 and analysts' average consensus price target of $97.79. Prudential Financial shares should first meet resistance at the 50-day moving average (MA) of $73.65 and find additional resistance at the 200-day MA of $77.89.

SmarTrend recommended that its subscribers protect gains by selling shares of Prudential Financial on June 10th, 2016 by issuing a Downtrend alert when the shares were trading at $73.85. Since that call, shares of Prudential Financial have fallen 9.4%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bullish am inside day candle Prudential Financial

Ticker(s): PRU