Financial Services Giant Tanks On Earnings: Here's The Trade
InTheMoneyStocks.com | Aug 01, 2019 02:37PM ET
Insurance and financial services company, Prudential Financial (NYSE:PRU) fell sharply Thursday after reporting earnings. The company cited weakness in its life insurance and annuities businesses. At one point, PRU's stock was off by 8.85% to $92.34 a share. Traders and investors should note that the stock is now testing its June lows. A break of this level will signal further downside in the near term. The stock has also broken below its important daily chart 200-day moving average. This weakness tells me that the next major support level will be around $87. This level is a major retrace and an area where PRU broke out in mid-January 2019.
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