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

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bullish 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 $278.59 and $281.06 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 Everest Re Group may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

In the past 52 weeks, Everest Re Group share prices have been bracketed by a low of $210.13 and a high of $294.31 and closed yesterday at $274.21, 30% above that low price. The 200-day and 50-day moving averages have moved 0.21% higher and 0.21% higher over the past week, respectively.

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.

Everest Re Group (NYSE:RE) is currently priced 6.0% above its average consensus analyst price target of $257.83. The stock should hit resistance at its 50-day moving average (MA) of $279.47, as well as support at its 200-day MA of $260.90.

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: bullish am inside day candle everest re group

Ticker(s): RE