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

By James Quinn

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 $57.72 and $57.93 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 4% above that low price at $57.87 per share. Over the last five market days, the 200-day moving average (MA) has gone down 0.7% while the 50-day MA has declined 3%.

W. R. Berkley Corporation, an insurance holding company, operates as a commercial lines writer in the United States and internationally. It operates through two segments, Insurance and Reinsurance.

Potential upside of 27.6% exists for Wr Berkley Corp, based on a current level of $57.87 and analysts' average consensus price target of $73.86. The stock should run into initial resistance at its 50-day moving average (MA) of $111.14 and subsequent resistance at its 200-day MA of $113.15.

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

Keywords: bearish am inside day candle wr berkley corp

Ticker(s): WRB