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

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in WR Berkley (NYSE:WRB) based on the price action in the company's shares. Today's price range of $69.22 and $69.60 is within yesterday'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 may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

W. R. Berkley Corporation, an insurance holding company, conducts operations in various segments of the property casualty insurance business. Segments include specialty lines of insurance, alternative markets, reinsurance, regional property casualty insurance, and international.

WR Berkley (NYSE:WRB) defies analysts with a current price ($69.26) 3.7% above its average consensus price target of $66.67. The stock should discover initial support at its 50-day moving average (MA) of $54.80 and subsequent support at its 200-day MA of $54.25.

In the past 52 weeks, shares of WR Berkley have traded between a low of $47.54 and a high of $73.17 and are now at $69.26, which is 46% above that low price. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 0.5%.

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

Keywords: bearish inside day candle wr berkley

Ticker(s): WRB