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Possible Bearish Inside Day Candle Pattern Detected for Cigna Corp (NYSE:CI)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Cigna Corp (NYSE:CI) based on the price action in the company's shares. Yesterday's price range of $209.00 and $210.67 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 Cigna Corp may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Cigna Corporation, through its subsidiaries, provides group life and health insurance, managed care, retirement products and services, and individual financial services worldwide. The Company also sells individual life and health insurance and annuity products in selected international locations.

Cigna Corp has overhead space with shares priced $210.85, or 1.7% below the average consensus analyst price target of $214.53. The stock should find initial support at its 50-day moving average (MA) of $195.98 and further support at its 200-day MA of $168.70.

Over the past year, Cigna Corp has traded in a range of $141.95 to $211.72 and closed yesterday at $210.85, 49% above that low. Over the last five market days, the 200-day moving average (MA) has gone up 0.5% while the 50-day MA has advanced 1.5%.

SmarTrend recommended that subscribers consider buying shares of Cigna Corp on December 20th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $203.90. Since that recommendation, shares of Cigna Corp have risen 3.7%. We continue to monitor CI for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle cigna corp

Ticker(s): CI