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Possible Bearish Inside Day Candle Pattern Detected for Arch Capital Grp (NASDAQ:ACGL)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Arch Capital Grp (NASDAQ:ACGL) based on the price action in the company's shares. Yesterday's price range of $25.16 and $25.70 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 Arch Capital Grp may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Arch Capital Group Ltd. provides financial services. The Company offers life, health, and property insurance and reinsurance products, as well as mortgage services. Arch Capital Group serves customers globally.

In the past 52 weeks, shares of Arch Capital Grp have traded between a low of $22.41 and a high of $48.32 and closed yesterday at $25.26, which is 13% above that low price. Over the last five market days, the 200-day moving average (MA) has gone down 0.5% while the 50-day MA has declined 3.4%.

Arch Capital Grp has overhead space with shares priced $25.26, or 73.8% below the average consensus analyst price target of $96.44. Arch Capital Grp shares should first meet resistance at the 50-day moving average (MA) of $28.78 and find additional resistance at the 200-day MA of $38.60.

SmarTrend is tracking the current trend status for Arch Capital Grp and will alert subscribers who have ACGL in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish am inside day candle arch capital grp

Ticker(s): ACGL