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

By Shiri Gupta

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. Today's price range of $25.32 and $25.69 is within yesterday'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 Grp has overhead space with shares priced $25.42, or 73.6% 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 $29.08 and find additional resistance at the 200-day MA of $38.66.

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.

Over the past year, Arch Capital Grp has traded in a range of $22.41 to $48.32 and is now at $25.42, 13% above that low. Over the last five market days, the 200-day moving average (MA) has gone down 0.9% while the 50-day MA has declined 6.6%.

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 inside day candle arch capital grp

Ticker(s): ACGL