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Possible Bearish Inside Day Candle Pattern Detected for Heritage Insuran (NYSE:HRTG)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Heritage Insuran (NYSE:HRTG) based on the price action in the company's shares. Yesterday's price range of $12.71 and $12.97 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 Heritage Insuran may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Heritage Insuran share prices have moved between a 52-week high of $16.38 and a 52-week low of $12.59 and closed yesterday at 1% above that low price at $12.74 per share. The 200-day and 50-day moving averages have moved 0.26% lower and 1.08% lower over the past week, respectively.

Heritage Insurance Holdings, Inc. operates as a property and casualty insurance holding company. The Company provides personal residential insurance for single-family homeowners and condominium owners. Heritage Insurance manages all aspects of insurance underwriting, actuarial analysis, distribution, and claims processing and adjusting in the State of Florida.

There is potential upside of 76.6% for shares of Heritage Insuran based on a current price of $12.74 and an average consensus analyst price target of $22.50. The stock should find initial resistance at its 50-day moving average (MA) of $13.27 and further resistance at its 200-day MA of $14.22.

SmarTrend recommended that its subscribers protect gains by selling shares of Heritage Insuran on October 8th, 2019 by issuing a Downtrend alert when the shares were trading at $13.79. Since that call, shares of Heritage Insuran have fallen 7.6%. 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 heritage insuran

Ticker(s): HRTG