With gains of 5 spots yesterday and 44 spots in the last month, insurer Prudential Financial (PRU) has returned to the Green Favored Zone of the SIA S&P 500 Index Report for the first time since the summer of 2017.
Over the last year, a steady uptrend has emerged in Prudential Financial (PRU) built on a series of consistently higher lows and positive breakout signals including the completion of a bullish Ascending Triangle over $70.00 back in November, and the snapping of a downtrend line near $82.50 in February.
Currently the shares are trading near $90.00 with initial resistance possible at the top of a previous $70.00 to $95.00 trading range, followed on trend by the $100.00 round number, and then the $105.00 to $109.00 range where the shares 2018 peak and a measured move from the triangle converge. Initial support appears near $82.50 where an underlying bullish trend support line and a recent breakout point retest converge.
Although Prudential Financial (PRU) shares have slipped back in the last few days, so far this has only been a minor correction within an upward trend that started about a year ago. The current High Pole Remains intact and several of the positive pattern breakouts over the last several months remain active including multiple Double Tops, a Spread Double Top and a Spread Triple Top
Initial upside resistance on trend appears at previous column highs near $96.85, followed by the $100.00 round number, $104.85 where vertical/horizontal counts converge, and $109.10 where the 2018 peak and a horizontal count converge. Initial support appears near $86.00 based on a 3-box reversal, followed by $82.65, a recent breakout point.
With a bullish SMAX score of 8, PRU is exhibiting near-term strength against the asset classes.
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