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

By Shiri Gupta

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. Today's price range of $67.75 and $69.07 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. 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 are now at $67.77, 18% above that low price. 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%.

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 (NYSE:PRU) has potential upside of 44.3% based on a current price of $67.77 and analysts' consensus price target of $97.79. The stock should run into initial resistance at its 50-day moving average (MA) of $73.65 and subsequent resistance at its 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 inside day candle Prudential Financial

Ticker(s): PRU