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Possible Bullish Inside Day Candle Pattern Detected for Hanover Insuranc (NYSE:THG)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Hanover Insuranc (NYSE:THG) based on the price action in the company's shares. Yesterday's price range of $132.66 and $133.45 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 Hanover Insuranc may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

The Hanover Insurance Group Inc operates as a holding company. The Company, through its subsidiaries, offers property and casualty insurance products including personal lines, commercial lines and other property casualty through independent agents. Hanover Insurance Group serves customers in the State of Massachusetts.

In the past 52 weeks, shares of Hanover Insuranc have traded between a low of $104.59 and a high of $134.29 and closed yesterday at $133.18, which is 27% above that low price. The 200-day and 50-day moving averages have moved 0.27% higher and 0.38% higher over the past week, respectively.

Based on a current price of $133.18, Hanover Insuranc is currently 3.9% above its average consensus analyst price target of $128.00. The stock should find initial support at its 50-day moving average (MA) of $129.44 and further support at its 200-day MA of $119.12.

SmarTrend recommended that subscribers consider buying shares of Hanover Insuranc on April 25th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $118.57. Since that recommendation, shares of Hanover Insuranc have risen 11.8%. We continue to monitor THG for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish am inside day candle hanover insuranc

Ticker(s): THG