Prudential (PRU) Buildup to Earnings!!!
Updated
PRU is trending upwards for the time being, however indicators and price action are giving clues that strength may be running out.
The horizontal red lines are key resistance areas, along with the downward sloping red line for the longer term bear trend. Price is currently at a key resistance, which may chop price around until earnings.
The white diagonal support line is the short term uptrend, which may continue into earnings.
The RSI is beginning to move into the oversold area on the 1 hour time frame and divergence may be next. On the daily time frame the SMII is already showing indications of the price strength to slow down, and move downwards.
Look for bearish divergence on the RSI and a downwards cross on the SMII at key resistance areas, to give confirmation to enter a short at resistance and especially at earnings.
Happy Trading :0)
Please like, comment and share as I appreciate the support!
This is not advice to buy or sell and is meant for educational purposes only.
The horizontal red lines are key resistance areas, along with the downward sloping red line for the longer term bear trend. Price is currently at a key resistance, which may chop price around until earnings.
The white diagonal support line is the short term uptrend, which may continue into earnings.
The RSI is beginning to move into the oversold area on the 1 hour time frame and divergence may be next. On the daily time frame the SMII is already showing indications of the price strength to slow down, and move downwards.
Look for bearish divergence on the RSI and a downwards cross on the SMII at key resistance areas, to give confirmation to enter a short at resistance and especially at earnings.
Happy Trading :0)
Please like, comment and share as I appreciate the support!
This is not advice to buy or sell and is meant for educational purposes only.
Comment
Earnings is today AMC. Looking at the indicators, it appears that most probable scenario is price will head lower, staying below the red resistance lines. Let's see how it all plays out!
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