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Possible Bearish Inside Day Candle Pattern Detected for United Fire Grou (NASDAQ:UFCS)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in United Fire Grou (NASDAQ:UFCS) based on the price action in the company's shares. Yesterday's price range of $44.31 and $45.40 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 United Fire Grou 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, United Fire Grou share prices have been bracketed by a low of $37.54 and a high of $50.75 and closed yesterday at $44.96, 20% above that low price. Over the last five market days, the 200-day moving average (MA) has gone up 0.4% while the 50-day MA has advanced 0.5%.

United Fire Group, Inc. and its subsidiaries write property and casualty insurance and life insurance. The Company markets fidelity and surety bonds, reinsurance, ordinary life, annuities, and credit life products. United Fire also underwrites and brokers a limited amount of excess and surplus lines insurance. The Company is licensed primarily in the Midwestern and Western US.

United Fire Grou has overhead space with shares priced $44.96, or 10.1% below the average consensus analyst price target of $50.00. The stock should discover initial support at its 50-day moving average (MA) of $43.18 and subsequent support at its 200-day MA of $38.38.

SmarTrend is tracking the current trend status for United Fire Grou and will alert subscribers who have UFCS in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish am inside day candle united fire grou

Ticker(s): UFCS