Stock of the day: Prudential

By Tomasz Wisniewski|

Published: November 22 2021, 10:10 GMT+0

Stock of the day: Prudential

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The new week has started with analysing Prudential. We already mentioned this stock at the end of July, when the price was oscillating around 100 USD. Back then, we were bullish saying:

“As long as the price stays above the orange support, the sentiment is positive. The price breaking the 95 USD line will mean the end of a buy signal, but this scenario does not seem likely at the moment.”

Several days after that, the price reached the local resistance at 108 USD. A pretty decent rise if you ask me. Then the correction started and the price fell down and guess what? It almost reached 95 USD as mentioned by us in the previous piece. There was no breakout though; Prudential bounced like a kid on a trampoline and climbed higher towards 115 USD. That was around 15% from the original buy signal posted in mid-July – nice.

The last few weeks are not really encouraging though. The price created a nice head and shoulders pattern (yellow). The formation is already up and running as we managed to break the neckline (black) and the horizontal support on the 108 USD level (green). With all that, the sentiment is negative and we should expect the price to reach the long-term uptrend line (red) really soon.

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