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Possible Bearish Inside Day Candle Pattern Detected for Allstate Corp (NYSE:ALL)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Allstate Corp (NYSE:ALL) based on the price action in the company's shares. Yesterday's price range of $117.06 and $117.51 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. Owners of Allstate Corp may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Allstate Corp (NYSE:ALL) is currently priced 11.2% above its average consensus analyst price target of $104.53. The stock should discover initial support at its 50-day moving average (MA) of $111.53 and subsequent support at its 200-day MA of $104.61.

Allstate Corp share prices have moved between a 52-week high of $116.84 and a 52-week low of $84.66 and closed yesterday at 39% above that low price at $117.66 per share. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.4% while the 200-day MA has risen 0.2%.

The Allstate Corporation, through its subsidiaries, provides property-liability insurance as well as other types of insurance in the United States and Canada. The Company primarily sells private passenger automobile and homeowners insurance through independent and specialized brokers. Allstate also sells life insurance, annuity, and group pension products through agents.

SmarTrend recommended that subscribers consider buying shares of Allstate Corp on June 5th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $98.65. Since that recommendation, shares of Allstate Corp have risen 19.2%. We continue to monitor ALL for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle allstate corp

Ticker(s): ALL