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Possible Bearish Inside Day Candle Pattern Detected for Wr Berkley Corp (NYSE:WRB)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Wr Berkley Corp (NYSE:WRB) based on the price action in the company's shares. Yesterday's price range of $71.38 and $72.05 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 Wr Berkley Corp may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Wr Berkley Corp share prices have moved between a 52-week high of $127.73 and a 52-week low of $55.57 and closed yesterday at 29% above that low price at $71.67 per share. The 200-day and 50-day moving averages have moved 0.33% higher and 0.32% higher over the past week, respectively.

Potential upside of 3.1% exists for Wr Berkley Corp, based on a current level of $71.67 and analysts' average consensus price target of $73.86. The stock should find initial support at its 50-day moving average (MA) of $69.06 and further support at its 200-day MA of $67.54.

W. R. Berkley Corporation operates as an insurance agency. The Company offers property casualty insurance and reinsurance products. W. R. Berkley serves customers globally.

SmarTrend is tracking the current trend status for Wr Berkley Corp and will alert subscribers who have WRB in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish am inside day candle wr berkley corp

Ticker(s): WRB