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Possible Bearish Inside Day Candle Pattern Detected for Third Point Rein (NYSE:TPRE)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Third Point Rein (NYSE:TPRE) based on the price action in the company's shares. Yesterday's price range of $7.55 and $7.87 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 Third Point Rein may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Third Point Rein (NYSE:TPRE) has potential upside of 118.4% based on a current price of $7.63 and analysts' consensus price target of $16.67. The stock should hit resistance at its 200-day moving average (MA) of $9.41, as well as support at its 50-day MA of $7.48.

Over the past year, Third Point Rein has traded in a range of $5.64 to $11.76 and closed yesterday at $7.63, 35% above that low. In the last five trading sessions, the 50-day moving average (MA) has fallen 1.5% while the 200-day MA has slid 0.4%.

Third Point Reinsurance Ltd. provides reinsurance services. The Company offers property and casualty reinsurance products and solutions. Third Point Reinsurance serves customers globally.

SmarTrend is tracking the current trend status for Third Point Rein and will alert subscribers who have TPRE in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish am inside day candle third point rein

Ticker(s): TPRE