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Possible Bullish Inside Day Candle Pattern Detected for Loews Corp (NYSE:L)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Loews Corp (NYSE:L) based on the price action in the company's shares. Yesterday's price range of $51.99 and $52.01 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 Loews Corp 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 Loews Corp have traded between a low of $44.17 and a high of $56.20 and closed yesterday at $51.97, which is 18% above that low price. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 0.3%.

Loews Corp (NYSE:L) is currently priced 1.9% above its average consensus analyst price target of $51.00. The stock should discover initial support at its 200-day moving average (MA) of $51.18 and subsequent support at its 50-day MA of $50.94.

Loews Corporation is a diversified holding company. The Company, through its subsidiaries, is involved in a variety of businesses including commercial property-casualty insurance, offshore drilling, natural gas exploration and production, operation of natural gas pipeline systems, and the operation of hotels and resorts.

SmarTrend is tracking the current trend status for Loews Corp and will alert subscribers who have L in their portfolio or watchlist when shares have changed trend direction.

Keywords: bullish am inside day candle Loews Corp

Ticker(s): L