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Possible Bullish Inside Day Candle Pattern Detected for CNO Financial (NYSE:CNO)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in CNO Financial (NYSE:CNO) based on the price action in the company's shares. Today's price range of $16.18 and $16.58 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 CNO Financial may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

CNO Financial share prices have moved between a 52-week high of $20.88 and a 52-week low of $14.66 and are now trading 11% above that low price at $16.21 per share. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.4% while the 200-day MA has remained constant.

CNO Financial Group Inc. formerly Conseco, Inc., is the holding company for a group of insurance companies operating throughout the United States that develop, market and administer supplemental health insurance, annuity, individual life insurance and other insurance products. The Company focuses on serving the senior and middle income markets.

There is potential upside of 28.1% for shares of CNO Financial based on a current price of $16.21 and an average consensus analyst price target of $20.78. The stock should run into initial resistance at its 50-day moving average (MA) of $18.28 and subsequent resistance at its 200-day MA of $18.34.

SmarTrend recommended that its subscribers protect gains by selling shares of CNO Financial on June 13th, 2016 by issuing a Downtrend alert when the shares were trading at $18.93. Since that call, shares of CNO Financial have fallen 15.2%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bullish inside day candle cno financial

Ticker(s): CNO