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Possible Bullish Inside Day Candle Pattern Detected for Cincinnati Fin (NASDAQ:CINF)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Cincinnati Fin (NASDAQ:CINF) based on the price action in the company's shares. Yesterday's price range of $53.50 and $55.42 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. Traders and investors interested in shares of Cincinnati Fin may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Cincinnati Financial Corporation, through its subsidiaries, offers property and casualty and life insurance. The Company markets a variety of insurance products and provides leasing and financing services.

In the past 52 weeks, Cincinnati Fin share prices have been bracketed by a low of $53.06 and a high of $118.50 and closed yesterday at $55.01, 4% above that low price. In the last five trading sessions, the 50-day moving average (MA) has fallen 4.8% while the 200-day MA has slid 1%.

There is potential upside of 38.5% for shares of Cincinnati Fin based on a current price of $55.01 and an average consensus analyst price target of $76.20. The stock should run into initial resistance at its 50-day moving average (MA) of $80.08 and subsequent resistance at its 200-day MA of $102.13.

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

Keywords: bullish am inside day candle cincinnati fin

Ticker(s): CINF