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Possible Bullish Inside Day Candle Pattern Detected for Axis Capital (NYSE:AXS)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Axis Capital (NYSE:AXS) based on the price action in the company's shares. Yesterday's price range of $59.73 and $60.35 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. Traders and investors interested in shares of Axis Capital may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Axis Capital Holdings Limited operates as a holding company. The Company, through its subsidiaries, offers insurance covers for property, workers compensation, professional liability, casualty, and marine and aviation. Axis Capital serves customers in the United States and Canada.

Axis Capital has overhead space with shares priced $59.77, or 1.8% below the average consensus analyst price target of $60.88. Axis Capital shares have support at the 50-day moving average (MA) of $58.44 and additional support at the 200-day MA of $56.08.

In the past 52 weeks, shares of Axis Capital have traded between a low of $48.27 and a high of $60.92 and closed yesterday at $59.77, which is 24% above that low price. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 0.7%.

SmarTrend recommended that subscribers consider buying shares of Axis Capital on January 7th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $53.14. Since that recommendation, shares of Axis Capital have risen 12.3%. We continue to monitor AXS for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish am inside day candle axis capital

Ticker(s): AXS