• Return to Headlines

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 $88.31 and $88.83 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.

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.

Allstate Corp (NYSE:ALL) has potential upside of 4.3% based on a current price of $88.49 and analysts' consensus price target of $92.29. The stock should discover initial support at its 50-day moving average (MA) of $66.11 and subsequent support at its 200-day MA of $62.71.

Allstate Corp share prices have moved between a 52-week high of $90.74 and a 52-week low of $65.27 and closed yesterday at 36% above that low price at $88.49 per share. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.2% while the 200-day MA has remained constant.

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 am inside day candle allstate corp

Ticker(s): ALL