Possible Bullish Inside Day Candle Pattern Detected for CIGNA (NYSE:CI)
SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in CIGNA (NYSE:CI) based on the price action in the company's shares. Today's price range of $123.53 and $124.83 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 CIGNA may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.
CIGNA Corporation, through its subsidiaries, provides group life and health insurance, managed care products and services, retirement products and services, and individual financial services worldwide. The Company also sells individual life and health insurance and annuity products in selected international locations.
Potential upside of 37.4% exists for CIGNA, based on a current level of $123.53 and analysts' average consensus price target of $169.75. The stock should run into initial resistance at its 200-day moving average (MA) of $138.58 and subsequent resistance at its 50-day MA of $138.62.
Over the past year, CIGNA has traded in a range of $121.87 to $170.68 and is now at $123.53, 1% above that low. In the last five trading sessions, the 50-day moving average (MA) has remained constant while the 200-day MA has slid 0.2%.
SmarTrend recommended that its subscribers protect gains by selling shares of CIGNA on May 6th, 2016 by issuing a Downtrend alert when the shares were trading at $133.02. Since that call, shares of CIGNA have fallen 8.2%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.
Keywords: bullish inside day candle CIGNA