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Possible Bearish Inside Day Candle Pattern Detected for Allstate Corp (NYSE:ALL)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Allstate Corp (NYSE:ALL) based on the price action in the company's shares. Today's price range of $88.48 and $88.81 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 Allstate Corp may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Potential upside of 4.2% exists for Allstate Corp, based on a current level of $88.54 and analysts' average consensus price target of $92.29. The stock should find initial support at its 50-day moving average (MA) of $66.11 and further support at its 200-day MA of $62.71.

The Allstate Corporation, through its subsidiaries, provides property-liability insurance, as well as other types of insurance in the United States and Canada. The Company primarily sells private passenger automobile and homeowners insurance through independent and specialized brokers. Allstate also sells life insurance, annuity, and group pension products through agents.

In the past 52 weeks, Allstate Corp share prices have been bracketed by a low of $65.27 and a high of $90.74 and are now at $88.54, 36% above that low price. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 0.2%.

SmarTrend recommended that subscribers consider buying shares of Allstate Corp on May 3rd, 2017 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $84.24. Since that recommendation, shares of Allstate Corp have risen 5.7%. We continue to monitor ALL for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle allstate corp

Ticker(s): ALL