Prudential Financial Inc. - (PRU) - October 7, 2021
Insurance giant Prudential Financial (PRU) has started to turn back upward within the Green Favored Zone of the SIA S&P 500 Index Report. Yesterday it finished in 99th place up 4 spots on the day and up 20 positions in the last week.
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.
A breakout over $108.50 to a new high would signal the start of a new rally phase. Should that occur, a measured move from the current range suggests potential upside resistance near $123.50, followed by the $125.00 round number.
Earlier this year, Prudential Financial (PRU) staged a big High Pole rally that carried up back up over $100.00 for the first time since 2018. Since June, PRU has been consolidating its gains. An initial correction was contained by support at a previous resistance level in August and since then, the shares have come back under accumulation establishing an upward trend of higher column lows.
Currently the shares are on a bullish Double Top signal and are bumping up against their previous highs near $108.85. A breakout to a new high would complete a bullish spread triple top pattern and signal the start of a new advance. Should that occur, next potential resistance may appear near the $125.00 round number, or $135.32 based on a horizontal count. Initial support appears near the $100.00 round number and $98.55 based on a 3-box reversal.
With its bullish SMAX score increasing to 9, PRU is exhibiting strength against the asset classes.
Disclaimer: SIACharts Inc. specifically represents that it does not give investment advice or advocate the purchase or sale of any security or investment whatsoever. This information has been prepared without regard to any particular investors investment objectives, financial situation, and needs. None of the information contained in this document constitutes an offer to sell or the solicitation of an offer to buy any security or other investment or an offer to provide investment services of any kind. As such, advisors and their clients should not act on any recommendation (express or implied) or information in this report without obtaining specific advice in relation to their accounts and should not rely on information herein as the primary basis for their investment decisions. Information contained herein is based on data obtained from recognized statistical services, issuer reports or communications, or other sources, believed to be reliable. SIACharts Inc. nor its third party content providers make any representations or warranties or take any responsibility as to the accuracy or completeness of any recommendation or information contained herein and shall not be liable for any errors, inaccuracies or delays in content, or for any actions taken in reliance thereon. Any statements nonfactual in nature constitute only current opinions, which are subject to change without notice.