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Possible Bearish Inside Day Candle Pattern Detected for Aflac (NYSE:AFL)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Aflac (NYSE:AFL) based on the price action in the company's shares. Today's price range of $77.60 and $77.94 is within yesterday's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Aflac may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Aflac share prices have moved between a 52-week high of $78.26 and a 52-week low of $51.41 and are now trading 51% above that low price at $77.76 per share. The 200-day and 50-day moving averages have moved 0.23% higher and 1.17% higher over the past week, respectively.

Aflac, Inc. is a general business holding company. The Company, through its subsidiaries, provides supplemental insurance to individuals in the United States and Japan. Aflac's products include accident/disability plans, cancer expense plans, short-term disability plans, sickness and hospital indemnity plans, hospital intensive care plans, and fixed-benefit dental plans.

Aflac (NYSE:AFL) is currently priced 7.7% above its average consensus analyst price target of $71.77. The stock should find initial support at its 50-day moving average (MA) of $64.30 and further support at its 200-day MA of $61.43.

SmarTrend recommended that subscribers consider buying shares of Aflac on February 14th, 2017 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $70.96. Since that recommendation, shares of Aflac have risen 10.1%. We continue to monitor AFL for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle Aflac

Ticker(s): AFL