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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. Today's price range of $96.65 and $96.65 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.

Allstate Corp (NYSE:ALL) has potential upside of 8.2% based on a current price of $96.65 and analysts' consensus price target of $104.53. Allstate Corp shares have support at the 50-day moving average (MA) of $94.73 and additional support at the 200-day MA of $92.90.

Allstate Corp share prices have moved between a 52-week high of $102.73 and a 52-week low of $77.00 and are now trading 26% above that low price at $96.65 per share. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 0.2%.

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 inside day candle allstate corp

Ticker(s): ALL