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

By James Quinn

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. Yesterday's price range of $111.60 and $112.50 is within the prior day'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.

Over the past year, Allstate Corp has traded in a range of $77.00 to $112.64 and closed yesterday at $112.02, 45% above that low. Over the past week, the 200-day moving average (MA) has gone up 0.3% while the 50-day MA has advanced 0.2%.

Based on a current price of $112.02, Allstate Corp is currently 6.7% above its average consensus analyst price target of $104.53. The stock should discover initial support at its 50-day moving average (MA) of $108.29 and subsequent support at its 200-day MA of $101.52.

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.

SmarTrend is tracking the current trend status for Allstate Corp and will alert subscribers who have ALL in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish am inside day candle allstate corp

Ticker(s): ALL