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Full: For 8 seconds, damage and life steal received by target ally is reduced by 3...15...18. When Shielding Hands ends, that ally is healed for 5...41...50 Health.
Concise: (8 seconds.) Reduces incoming damage and life steal by 3...15...18. End effect: heals for 5...41...50.
Shielding Hands reduces any kind of damage received, so the effect is generally superior to armor bonus skills which will not protect against skills that ignore armor or have armor piercing properties.
When used with Protective Bond or Protective Spirit, the resolution order is the order the enchantments were applied. For example, on a typical 55 monk, casting Shielding Hands first followed by Protective Spirit results in 5 damage per attack, whereas casting Protective Spirit first followed by Shielding Hands results in 0 damage. Note that, casting Protective Spirit first, then Shielding Hands, then renewing Protective Spirit before either enchantments expire, will still result in 0 damage.