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Possible Bearish Inside Day Candle Pattern Detected for Loews Corp (NYSE:L)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Loews Corp (NYSE:L) based on the price action in the company's shares. Today's price range of $53.87 and $53.94 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 Loews Corp may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Loews Corp (NYSE:L) is currently priced 5.4% above its average consensus analyst price target of $51.00. The stock should find initial support at its 50-day moving average (MA) of $51.38 and further support at its 200-day MA of $48.59.

Loews Corporation is a diversified holding company. The Company, through its subsidiaries, is involved in a variety of businesses including commercial property-casualty insurance, offshore drilling, natural gas exploration and production, operation of natural gas pipeline systems, and the operation of hotels and resorts.

In the past 52 weeks, Loews Corp share prices have been bracketed by a low of $42.06 and a high of $54.30 and are now at $53.92, 28% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.8% while the 200-day MA has remained constant.

SmarTrend recommended that subscribers consider buying shares of Loews Corp on April 8th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $48.65. Since that recommendation, shares of Loews Corp have risen 11.1%. We continue to monitor L for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle Loews Corp

Ticker(s): L