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Possible Bearish Inside Day Candle Pattern Detected for China Life Insurance (NYSE:LFC)

By Amy Schwartz

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. Today's price range of $12.42 and $12.51 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 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.

Over the past year, China Life Insurance has traded in a range of $10.07 to $77.97 and is now at $12.49, 24% above that low. In the last five trading sessions, the 50-day moving average (MA) has fallen 0.3% while the 200-day MA has slid 1.2%.

China Life Insurance Co., Limited offers a wide range of life, accident, and health insurance products and services.

Potential upside of 85.3% exists for China Life Insurance, based on a current level of $12.49 and analysts' average consensus price target of $23.14. China Life Insurance shares should encounter resistance at the 200-day moving average (MA) of $15.30 and support at the 50-day MA of $11.84.

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 inside day candle china life insurance

Ticker(s): LFC