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Possible Bullish Inside Day Candle Pattern Detected for Allstate (NYSE:ALL)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Allstate (NYSE:ALL) based on the price action in the company's shares. Today's price range of $67.11 and $67.38 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. Traders and investors interested in shares of Allstate may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

In the past 52 weeks, shares of Allstate have traded between a low of $54.12 and a high of $70.33 and are now at $67.30, which is 24% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.2% while the 200-day MA has remained constant.

The Allstate Corporation, through its subsidiaries, provides property-liability insurance, as well as other types of insurance in the United States and Canada. The Company primarily sells private passenger automobile and homeowners insurance through independent and specialized brokers. Allstate also sells life insurance, annuity, and group pension products through agents.

Allstate (NYSE:ALL) has potential upside of 4.2% based on a current price of $67.30 and analysts' consensus price target of $70.14. The stock should find initial support at its 50-day moving average (MA) of $66.11 and further support at its 200-day MA of $62.71.

SmarTrend recommended that subscribers consider buying shares of Allstate on February 5th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $62.81. Since that recommendation, shares of Allstate have risen 7.4%. We continue to monitor ALL for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish inside day candle allstate

Ticker(s): ALL