Technical Analysis Snap: Pru jumps after dividend hike

13th Aug 2009 09:01

Prudential appears to be one of the exceptions to the rule as in contrast to its peers it upped its dividend on Thursday after announcing a "strong performance" for the first part of 2009. IFRS operating profit before tax increased 6% to £688m, though the group operating profit on longer term investments was down 8% to £1,246m. Since the highs of 798.50p in 2007 the share has undergone a pretty torrid time dropping as low as 195.40p in March, but it has since undergone a significant rally to be trading around its 50% retracement level at 497p, which are the highs for this year.There is potential to rally back towards the trend line resistance and 61.8% retracement around the 570p area in the short term, whilst it holds above support at the weeks lows at 455p.For periodic TA updates follow me on TwitterAlso read my Investors Guide to Technical Analysis and Level 2