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Possible Bullish Inside Day Candle Pattern Detected for Chubb (NYSE:CB)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Chubb (NYSE:CB) based on the price action in the company's shares. Yesterday's price range of $136.96 and $137.82 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 Chubb may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

The Chubb Corporation, a holding company, offers property and casualty insurance, which includes personal, standard commercial and specialty commercial insurance. The Company provides insurance coverage principally in the United States, Canada, Europe, Australia, and parts of Latin America and Asia.

In the past 52 weeks, shares of Chubb have traded between a low of $94.35 and a high of $140.55 and closed yesterday at $137.42, 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 0.2%.

Potential upside of 3.4% exists for Chubb, based on a current level of $137.42 and analysts' average consensus price target of $142.06. Chubb shares have support at the 200-day moving average (MA) of $122.87 and additional support at the 50-day MA of $119.18.

SmarTrend recommended that subscribers consider buying shares of Chubb on April 19th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $122.47. Since that recommendation, shares of Chubb have risen 11.8%. We continue to monitor CB for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish am inside day candle chubb

Ticker(s): CB