Possible Bullish Inside Day Candle Pattern Detected for Everest Re Group (NYSE:RE)
SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Everest Re Group (NYSE:RE) based on the price action in the company's shares. Yesterday's price range of $188.69 and $189.69 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 Everest Re Group may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.
Everest Re Group, Ltd. provides reinsurance to property and casualty insurers in the United States and international markets. The Company also provides property and casualty insurance to policyholders in the United States and Canada. In addition, Everest Re offers excess and surplus lines insurance in the United States.
Potential upside of 3.1% exists for Everest Re Group, based on a current level of $189.28 and analysts' average consensus price target of $195.12. Everest Re Group shares should encounter resistance at the 50-day moving average (MA) of $192.80 and support at its 200-day MA of $183.29.
Everest Re Group share prices have moved between a 52-week high of $199.98 and a 52-week low of $167.07 and closed yesterday at 13% above that low price at $189.28 per share. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has remained constant.
SmarTrend recommended that subscribers consider buying shares of Everest Re Group on July 1st, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $181.58. Since that recommendation, shares of Everest Re Group have risen 3.9%. We continue to monitor RE for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.
Keywords: bullish am inside day candle everest re group