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Possible Bullish Inside Day Candle Pattern Detected for CIGNA (NYSE:CI)

By Amy Schwartz

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. Yesterday's price range of $122.88 and $125.43 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 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.

CIGNA has overhead space with shares priced $125.21, or 26.2% below the average consensus analyst price target of $169.75. The stock should find initial resistance at its 200-day moving average (MA) of $138.58 and further resistance at its 50-day MA of $138.62.

In the past 52 weeks, shares of CIGNA have traded between a low of $121.87 and a high of $170.68 and closed yesterday at $125.21, which is 3% above that low price. The 200-day and 50-day moving averages have moved 0.24% lower and 0.01% higher over the past week, respectively.

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 am inside day candle CIGNA

Ticker(s): CI