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

By James Quinn

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. Yesterday's price range of $20.96 and $21.14 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 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.

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.

In the past 52 weeks, Old Repub Intl share prices have been bracketed by a low of $19.48 and a high of $23.05 and closed yesterday at $21.16, 9% above that low price. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has remained constant.

Potential upside of 13.4% exists for Old Repub Intl, based on a current level of $21.16 and analysts' average consensus price target of $24.00. The stock should find initial resistance at its 200-day moving average (MA) of $21.28 and further resistance at its 50-day MA of $21.44.

SmarTrend is tracking the current trend status for Old Repub Intl and will alert subscribers who have ORI in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish am inside day candle old repub intl

Ticker(s): ORI