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Possible Bearish Inside Day Candle Pattern Detected for Chubb (NYSE:CB)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Chubb (NYSE:CB) based on the price action in the company's shares. Today's price range of $117.64 and $118.34 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 Chubb may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

There is potential upside of 10.8% for shares of Chubb based on a current price of $117.95 and an average consensus analyst price target of $130.65. The stock should find initial resistance at its 50-day moving average (MA) of $118.99 and further resistance at its 200-day MA of $122.90.

Chubb share prices have moved between a 52-week high of $134.49 and a 52-week low of $94.35 and are now trading 25% above that low price at $117.95 per share. In the last five trading sessions, the 50-day moving average (MA) has remained constant while the 200-day MA has remained constant.

The Chubb Corporation, a holding company, offers property and casualty insurance, which includes personal, standard commercial and specialty commercial insurance. The Company provides insurance coverage principally in the United States, Canada, Europe, Australia, and parts of Latin America and Asia.

SmarTrend is monitoring the recent change of momentum in Chubb. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Chubb in search of a potential trend change.

Keywords: bearish inside day candle chubb

Ticker(s): CB