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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. Today's price range of $22.67 and $22.77 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.

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.

Potential upside of 5.9% exists for Old Repub Intl, based on a current level of $22.67 and analysts' average consensus price target of $24.00. The stock should discover initial support at its 50-day moving average (MA) of $22.09 and subsequent support at its 200-day MA of $21.49.

Old Repub Intl share prices have moved between a 52-week high of $23.05 and a 52-week low of $19.55 and are now trading 16% above that low price at $22.67 per share. The 200-day and 50-day moving averages have moved 0.03% higher and 0.62% higher over the past week, respectively.

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 inside day candle old repub intl

Ticker(s): ORI