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Prudential Financial, Inc. (PRU) - Short
Entry - 51.38
Stop - 52.38
Target - 48.56
It appears that the insurance giant PRU
is destined to trade down to the prior low of 08/25.
After two prior attempts (magenta circles) the stock has broken the 61.8% level of the Fibonacci retracement study drawn from the low of 08/25 to the high on 09/22. This is a good indication that the stock will continue it's medium term trend lower.
A look at a wider term chart shows the stock is continuing to make lower-highs and lower-lows. We have specified a target for this trade at 48.53 which is the level of the most recent lower-low, but if PRU
trades down past this point to make a new lower-low, it could go as far as the next point of support which is 46.20.
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