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Possible Bearish Inside Day Candle Pattern Detected for Everest Re Group (NYSE:RE)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Everest Re Group (NYSE:RE) based on the price action in the company's shares. Yesterday's price range of $183.44 and $194.94 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 Everest Re Group may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Everest Re Group, Ltd. provides reinsurance to property and casualty insurers in the United States and international markets. The Company also provides property and casualty insurance to policyholders in the United States and Canada. In addition, Everest Re offers excess and surplus lines insurance in the United States.

Everest Re Group (NYSE:RE) has potential upside of 36.2% based on a current price of $189.29 and analysts' consensus price target of $257.83. Everest Re Group shares should first meet resistance at the 50-day moving average (MA) of $254.04 and find additional resistance at the 200-day MA of $257.45.

Over the past year, Everest Re Group has traded in a range of $168.16 to $294.31 and closed yesterday at $189.29, 13% above that low. Over the past week, the 200-day moving average (MA) has gone down 0.6% while the 50-day MA has declined 3.4%.

SmarTrend recommended that its subscribers protect gains by selling shares of Everest Re Group on February 25th, 2020 by issuing a Downtrend alert when the shares were trading at $280.65. Since that call, shares of Everest Re Group have fallen 32.6%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bearish am inside day candle everest re group

Ticker(s): RE