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Possible Bearish Inside Day Candle Pattern Detected for Cincinnati Fin (NASDAQ:CINF)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Cincinnati Fin (NASDAQ:CINF) based on the price action in the company's shares. Today's price range of $105.53 and $105.72 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 Cincinnati Fin may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Cincinnati Financial Corporation, through its subsidiaries, offers property and casualty and life insurance. The Company markets a variety of insurance products and provides leasing and financing services.

Cincinnati Fin (NASDAQ:CINF) is currently priced 27.9% above its average consensus analyst price target of $76.20. The stock should discover initial support at its 50-day moving average (MA) of $96.45 and subsequent support at its 200-day MA of $84.13.

Cincinnati Fin share prices have moved between a 52-week high of $106.13 and a 52-week low of $66.33 and are now trading 59% above that low price at $105.65 per share. Over the last five market days, the 200-day moving average (MA) has gone up 0.7% while the 50-day MA has advanced 1.6%.

SmarTrend recommended that subscribers consider buying shares of Cincinnati Fin on January 18th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $79.29. Since that recommendation, shares of Cincinnati Fin have risen 33.6%. We continue to monitor CINF for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle cincinnati fin

Ticker(s): CINF