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Possible Bearish Inside Day Candle Pattern Detected for Torchmark Corp (NYSE:TMK)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Torchmark Corp (NYSE:TMK) based on the price action in the company's shares. Yesterday's price range of $83.50 and $83.50 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 Torchmark Corp may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Torchmark Corporation is an insurance and financial services holding company. The Company's subsidiaries offer life and health insurance, and annuities. Life products include traditional and interest sensitive whole life insurance, as well as term life insurance. Health products include Medicare supplement, cancer, accident, long-term care, and limited hospital, and surgical coverage.

Over the past year, Torchmark Corp has traded in a range of $69.68 to $89.62 and closed yesterday at $83.41, 20% above that low. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 0.5%.

Torchmark Corp (NYSE:TMK) has potential upside of 4.3% based on a current price of $83.41 and analysts' consensus price target of $87.00. The stock should hit resistance at its 200-day moving average (MA) of $83.91, as well as support at its 50-day MA of $82.13.

SmarTrend recommended that subscribers consider buying shares of Torchmark Corp on January 4th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $76.90. Since that recommendation, shares of Torchmark Corp have risen 9.2%. We continue to monitor TMK for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle torchmark corp

Ticker(s): TMK