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

By David Diaz

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 $124.50 and $125.00 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.

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 32% above that low price at $124.70 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%.

Chubb has overhead space with shares priced $124.70, or 4.6% below the average consensus analyst price target of $130.65. The stock should discover initial support at its 200-day moving average (MA) of $122.87 and subsequent support at its 50-day MA of $119.18.

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 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 inside day candle chubb

Ticker(s): CB