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

By Shiri Gupta

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. Yesterday's price range of $16.07 and $16.58 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 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.

In the past 52 weeks, shares of CNO Financial have traded between a low of $14.66 and a high of $20.88 and closed yesterday at $16.36, which is 12% above that low price. The 200-day and 50-day moving averages have moved 0.05% lower and 0.44% higher over the past week, respectively.

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.

CNO Financial has overhead space with shares priced $16.36, or 21.3% below the average consensus analyst price target of $20.78. The stock should find initial resistance at its 50-day moving average (MA) of $18.28 and further 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 am inside day candle cno financial

Ticker(s): CNO