Stock of the Day: PrudentialHere, we have a buy signal and it’s very fresh as it was only triggered yesterday!
Stocks are back in bullish mode, so we’re back to looking for sweet buying occasions too. I have to admit, after the recent correction, we do have a lot of handsome buying opportunities.
Trading Derivatives carries a high level of risk to your capital and you should only trade with money you can afford to lose. Trading Derivatives may not be suitable for all investors, so please ensure that you fully understand the risks involved, and seek independent advice if necessary. A Product Disclosure Statement (PDS) can be obtained either from this website or on request from our offices and should be considered before entering into a transaction with us. Raw Spread accounts offer spreads from 0.0 pips with a commission charge of USD $3.50 per 100k traded. Standard account offer spreads from 1 pips with no additional commission charges. Spreads on CFD indices start at 0.4 points. The information on this site is not directed at residents in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.
Today’s comes from Prudential, a Fortune 500 company in the Financial Services industry. Here, we have a buy signal and it’s very fresh as it was only triggered yesterday!
Why are we positive here? We have three main positive factors. First, is the long-term uptrend. Second, is the defense of the horizontal support on 95 USD (orange). Third, and maybe the most important, is the wedge pattern (blue) and the breakout of its upper line. In theory, that breakout ends the bearish correction and starts the new bullish wave.
As long as the price stays above the orange support, the sentiment is positive. Price breaking the 95 USD line will mean the end of a buy signal, but this scenario does not seem likely at the moment.
For a look at all of today’s economic events, check out our economic calendar.