Prudential Powers Higher

Prudential (PRU) is surging today on heavy trade. The stock is up more than 7.5% on what will be its heaviest positive session this year. The breakout-type action began with an earning's inspired gap-higher open that lifted shares to fresh yearly highs. PRU has remained well bid since the bell and is now stabilizing just below $64. A key level, the 2012 highs and mid-2011 peak near $65.20, is now within easy striking distance.

PRU -- Daily Source: TradeStation View Chart » View in New Window »

In late January, PRU began to show signs of exhaustion. The stock was unable to take out the October spike highs as volume slowed to a trickle. As January closed, PRU was in consolidation mode while the $60 area held in as a heavy supply zone. The lower layer of the consolidation was well supported by the powerful upside gap put in place following the Jan. 2 open. In early April, it appeared new lows may be on the way but the 200-day moving average halted the decline. Since the close of trade on April 18 PRU recovered nicely. Heading into this morning's first-quarter report the stock was trading back up at its one-year highs....174 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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