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Possible Bearish Inside Day Candle Pattern Detected for Assurant Inc (NYSE:AIZ)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Assurant Inc (NYSE:AIZ) based on the price action in the company's shares. Yesterday's price range of $99.26 and $99.91 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 Assurant Inc may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Assurant, Inc., through its subsidiaries, provides risk management solutions for housing and lifestyle markets in North America, Latin America, Europe, and the Asia Pacific. The company operates through three segments: Global Housing, Global Lifestyle, and Global Preneed. Its Global Housing segment provides lender-placed homeowners, manufactured housing, and flood insurance; and renters insurance and related products, as well as voluntary manufactured housing insurance, homeowners insurance, and other products.

Over the past year, Assurant Inc has traded in a range of $82.31 to $111.43 and closed yesterday at $100.17, 22% above that low. In the last five trading sessions, the 50-day moving average (MA) has remained constant while the 200-day MA has slid 0.2%.

Potential upside of 7.3% exists for Assurant Inc, based on a current level of $100.17 and analysts' average consensus price target of $107.50. The stock should find initial support at its 200-day moving average (MA) of $98.34 and further support at its 50-day MA of $95.47.

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

Keywords: bearish am inside day candle assurant inc

Ticker(s): AIZ