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

By Amy Schwartz

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 $249.49 and $250.96 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.

Over the past year, Everest Re Group has traded in a range of $201.09 to $252.73 and closed yesterday at $249.91, 24% above that low. Over the last five market days, the 200-day moving average (MA) has gone up 0.3% while the 50-day MA has advanced 1.4%.

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.

Potential upside of 3.2% exists for Everest Re Group, based on a current level of $249.91 and analysts' average consensus price target of $257.83. The stock should find initial support at its 50-day moving average (MA) of $230.15 and further support at its 200-day MA of $221.58.

SmarTrend is tracking the current trend status for Everest Re Group and will alert subscribers who have RE in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish am inside day candle everest re group

Ticker(s): RE