Prudential Financial (PRU) shares appear poised for a breakout. In a normal consolidation phase, the shares have been trending sideways in a $93.50 to $108.50 trading range since May, digesting an advance made earlier in the year. Last month, an attempt by bears to push the shares back under $100.00 support was quickly rejected and the shares have rebounded to retest the top of their current trading range.
It has been another rough week for equity markets around the world with big daily and even intraday swings in both directions. That being said, so far indices have held above key support levels, such as 2,100 for the Russell 2000, suggesting that we are currently in a downswing within a broader sideways trend. In this issue of Equity Leaders Weekly, we look at recent strength in the natural gas price and at renewed interest in US Financials as the start of earnings season approaches.
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