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.
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.