• Return to Headlines

Possible Bearish Inside Day Candle Pattern Detected for Universal Insura (NYSE:UVE)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Universal Insura (NYSE:UVE) based on the price action in the company's shares. Yesterday's price range of $28.51 and $28.98 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 Universal Insura may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Universal Insura has overhead space with shares priced $28.75, or 22.3% below the average consensus analyst price target of $37.00. The stock should hit resistance at its 200-day moving average (MA) of $32.32, as well as support at its 50-day MA of $26.85.

Universal Insurance Holdings, Inc. (UIH) operates as an insurance holding company. The Company, through its subsidiaries, offers insurance underwriting, distribution, and claims processing. UIH serves customers in the State of Florida.

In the past 52 weeks, shares of Universal Insura have traded between a low of $23.72 and a high of $50.50 and closed yesterday at $28.75, which is 21% above that low price. In the last five trading sessions, the 50-day moving average (MA) has fallen 0.4% while the 200-day MA has slid 1.1%.

SmarTrend is monitoring the recent change of momentum in Universal Insura. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Universal Insura in search of a potential trend change.

Keywords: bearish am inside day candle universal insura

Ticker(s): UVE