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Possible Bearish Inside Day Candle Pattern Detected for Old Repub Intl (NYSE:ORI)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Old Repub Intl (NYSE:ORI) based on the price action in the company's shares. Today's price range of $22.88 and $22.99 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 Old Repub Intl 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, shares of Old Repub Intl have traded between a low of $19.55 and a high of $23.82 and are now at $22.99, which is 18% above that low price. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has remained constant.

Old Repub Intl has overhead space with shares priced $22.99, or 4.2% below the average consensus analyst price target of $24.00. The stock should find initial support at its 50-day moving average (MA) of $22.75 and further support at its 200-day MA of $21.75.

Old Republic International Corporation is an insurance holding company whose subsidiaries market, underwrite, and provide risk management services. The Company provides services for a variety of coverages in the property and liability, mortgage guaranty, title, and life and health insurance fields.

SmarTrend recommended that subscribers consider buying shares of Old Repub Intl on April 29th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $22.36. Since that recommendation, shares of Old Repub Intl have risen 3.1%. We continue to monitor ORI for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle old repub intl

Ticker(s): ORI