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Possible Bearish Inside Day Candle Pattern Detected for Cigna Corp (NYSE:CI)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Cigna Corp (NYSE:CI) based on the price action in the company's shares. Yesterday's price range of $175.14 and $177.43 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 Cigna Corp 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, Cigna Corp share prices have been bracketed by a low of $115.03 and a high of $227.13 and closed yesterday at $176.06, 53% above that low price. Over the last five market days, the 200-day moving average (MA) has gone down 0.2% while the 50-day MA has remained constant.

Cigna Corporation, through its subsidiaries, provides group life and health insurance, managed care, retirement products and services, and individual financial services worldwide. The Company also sells individual life and health insurance and annuity products in selected international locations.

Potential upside of 31.3% exists for Cigna Corp, based on a current level of $176.06 and analysts' average consensus price target of $231.22. Cigna Corp shares have support at the 50-day moving average (MA) of $138.62 and additional support at the 200-day MA of $138.58.

SmarTrend recommended that its subscribers protect gains by selling shares of Cigna Corp on February 1st, 2018 by issuing a Downtrend alert when the shares were trading at $204.24. Since that call, shares of Cigna Corp have fallen 13.1%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bearish am inside day candle cigna corp

Ticker(s): CI