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

By Shiri Gupta

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 $55.63 and $56.06 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 has overhead space with shares priced $55.93, or 8.1% below the average consensus analyst price target of $60.88. The stock should hit resistance at its 50-day moving average (MA) of $57.29, as well as support at its 200-day MA of $54.28.

In the past 52 weeks, shares of Axis Capital have traded between a low of $47.43 and a high of $66.22 and closed yesterday at $55.93, which is 18% above that low price. The 200-day and 50-day moving averages have moved 0.1% lower and 0.14% lower over the past week, respectively.

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.

SmarTrend recommended that subscribers consider buying shares of Axis Capital on March 9th, 2018 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $53.86. Since that recommendation, shares of Axis Capital have risen 3.8%. 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