February 2, 2011
Shares of Principal Financial Group (NYSE: PFG) have broken above resistance at $34.00 a share, a level that was reached in early January but was not surpassed.
Principal’s close on Tuesday, February 1, was decisively above resistance, closing the day at $34.30 a share.
New highs are always bullish and new highs above strong resistance are even more so,
Principal reached a high of $70.67 back in December 2007. Since then it suffered a huge decline, losing some 91% before finally bottoming in early January 2009.
Since then shares have tacked on some 406% but there is still a long way to go before those old highs are reached. Likely it will take years, but Monday’s breakout should see higher highs in the near term.
There is minor resistance at $45.00 a share, and major resistance near the $52-55 level.
Fibtimer.com does not currently have a position in Principal Financial Group.