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Possible Bullish Inside Day Candle Pattern Detected for Old Republic International (NYSE:ORI)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Old Republic International (NYSE:ORI) based on the price action in the company's shares. Yesterday's price range of $18.14 and $18.46 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 Old Republic International may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Old Republic International Corporation is an insurance holding company whose subsidiaries market, underwrite, and provide risk management services. The Company provides services for a variety of coverages in the property and liability, mortgage guaranty, title, and life and health insurance fields.

Over the past year, Old Republic International has traded in a range of $14.84 to $19.36 and closed yesterday at $18.46, 24% above that low. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.3% while the 200-day MA has risen 0.3%.

There is potential upside of 8.3% for shares of Old Republic International based on a current price of $18.46 and an average consensus analyst price target of $20.00. The stock should find initial support at its 50-day moving average (MA) of $18.20 and further support at its 200-day MA of $17.56.

SmarTrend is tracking the current trend status for Old Republic International and will alert subscribers who have ORI in their portfolio or watchlist when shares have changed trend direction.

Keywords: bullish am inside day candle old republic international

Ticker(s): ORI