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

By James Quinn

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. Yesterday's price range of $117.56 and $118.62 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 Chubb may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

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.

In the past 52 weeks, shares of Chubb have traded between a low of $94.35 and a high of $134.49 and closed yesterday at $118.26, which is 25% above that low price. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has remained constant.

Chubb (NYSE:CB) has potential upside of 10.5% based on a current price of $118.26 and analysts' consensus 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.

SmarTrend is tracking the current trend status for Chubb and will alert subscribers who have CB in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish am inside day candle chubb

Ticker(s): CB