PRUDENTIAL FINANCIAL INC is setting up nicely for a breakout.

Our stock screener has identified PRUDENTIAL FINANCIAL INC (NYSE:PRU) as a potential breakout candidate. This technical breakout setup pattern occurs when the stock consolidates after a strong uptrend. While the actual breakout is uncertain, it may be worth keeping an eye on NYSE:PRU.

Technical analysis of NYSE:PRU

As part of its analysis, ChartMill provides a comprehensive Technical Rating for each stock. This rating, ranging from 0 to 10, is updated on a daily basis and is based on the evaluation of various technical indicators and properties.

Overall PRU gets a technical rating of 10 out of 10. Both in the recent history as in the last year, PRU has proven to be a steady performer, scoring decent points in every aspect analyzed.

• Both the short term and long term trends are positive. This is a very positive sign.
• When comparing the yearly performance of all stocks, we notice that PRU is one of the better performing stocks in the market, outperforming 79% of all stocks. On top of that, PRU also shows a nice and consistent pattern of rising prices.
• PRU is currently trading near its 52 week high, which is a good sign. The S&P500 Index however is also trading near new highs, which makes the performance in line with the market.
• In the last month PRU has a been trading in the 119.08 - 129.13 range, which is quite wide. It is currently trading near the high of this range.
• PRU is an average performer in the Insurance industry, it outperforms 66% of 140 stocks in the same industry.

Check the latest full technical report of PRU for a complete technical analysis.

How does the Setup look for NYSE:PRU

ChartMill incorporates a Setup Rating in its analysis, which measures the extent of consolidation in a stock over recent days and weeks. This rating, ranging from 0 to 10, is updated daily and takes into account multiple short-term technical indicators. The current setup rating for NYSE:PRU is 9:

Besides having an excellent technical rating, PRU also presents a decent setup pattern. Prices have been consolidating lately and the volatility has been reduced. There is a resistance zone just above the current price starting at 127.42. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 127.32, a Stop Loss order could be placed below this zone. Very recently a Pocket Pivot signal was observed. This is another positive sign.

How can NYSE:PRU be traded?

To potentially initiate a trade, it is common practice to wait for the stock to break out of the consolidation zone. This breakout signifies a potential upward movement, and traders may enter the stock at that point. Conversely, if the stock falls back below the consolidation zone, it may be sold at a loss.

Please note that this article should not be construed as trading advice. The information provided is solely based on automated technical analysis and serves to highlight technical observations. It is important to conduct your own analysis and make trading decisions based on your own judgment and responsibility.

Every day, new breakout setups can be found on ChartMill in our Breakout screener.

Keep in mind

This is not investing advice! The article highlights some of the observations at the time of writing, but you should always make your own analysis and invest based on your own insights.