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

By Shiri Gupta

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 $206.95 and $210.18 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.

In the past 52 weeks, shares of Everest Re Group have traded between a low of $168.16 and a high of $294.31 and closed yesterday at $202.14, which is 20% above that low price. In the last five trading sessions, the 50-day moving average (MA) has fallen 1.1% while the 200-day MA has slid 0.2%.

Everest Re Group (NYSE:RE) has potential upside of 27.6% based on a current price of $202.14 and analysts' consensus price target of $257.83. Everest Re Group shares should first meet resistance at the 50-day moving average (MA) of $237.10 and find additional resistance at the 200-day MA of $254.59.

SmarTrend is monitoring the recent change of momentum in Everest Re Group. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Everest Re Group in search of a potential trend change.

Keywords: bearish am inside day candle everest re group

Ticker(s): RE