Possible Bearish Inside Day Candle Pattern Detected for China Life Insurance (NYSE:LFC)
SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in China Life Insurance (NYSE:LFC) based on the price action in the company's shares. Yesterday's price range of $12.42 and $12.53 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 China Life Insurance may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.
In the past 52 weeks, China Life Insurance share prices have been bracketed by a low of $10.07 and a high of $77.97 and closed yesterday at $12.46, 24% above that low price. Over the past week, the 200-day moving average (MA) has gone down 1.2% while the 50-day MA has declined 0.3%.
Potential upside of 85.7% exists for China Life Insurance, based on a current level of $12.46 and analysts' average consensus price target of $23.14. The stock should find resistance at its 200-day moving average (MA) of $15.30, as well as support at its 50-day MA of $11.84.
China Life Insurance Co., Limited offers a wide range of life, accident, and health insurance products and services.
SmarTrend is monitoring the recent change of momentum in China Life Insurance. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of China Life Insurance in search of a potential trend change.
Keywords: bearish am inside day candle china life insurance