• Return to Headlines

Possible Bearish Inside Day Candle Pattern Detected for Loews Corp (NYSE:L)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Loews Corp (NYSE:L) based on the price action in the company's shares. Yesterday's price range of $35.66 and $36.18 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 Loews Corp may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Loews Corporation is a diversified holding company. The Company, through its subsidiaries, is involved in a variety of businesses including commercial property-casualty insurance, offshore drilling, natural gas exploration and production, operation of natural gas pipeline systems, and the operation of hotels and resorts.

Loews Corp (NYSE:L) has potential upside of 47.1% based on a current price of $34.66 and analysts' consensus price target of $51.00. The stock should run into initial resistance at its 50-day moving average (MA) of $38.39 and subsequent resistance at its 200-day MA of $47.89.

Over the past year, Loews Corp has traded in a range of $28.52 to $56.88 and closed yesterday at $34.66, 22% above that low. Over the last five market days, the 200-day moving average (MA) has gone down 0.9% while the 50-day MA has declined 3.9%.

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

Keywords: bearish am inside day candle Loews Corp

Ticker(s): L