Leading Insurance Stock Falls On Earnings: Here's The Trade
InTheMoneyStocks.com | Feb 12, 2019 03:11PM ET
Everest Re Group (NYSE:RE) is engaged in the underwriting of reinsurance and insurance in the United States, Bermuda and international markets. On Tuesday the stock fell by more than 3.5 percent after reporting earnings. Traders and investors should note that the stock is now trading below its important 50-day moving average. This technical chart pattern puts RE in a weak position. The stock has also been making lower highs since July 2017 and this is also a sign of weakness in the near term.h3 Support Watch/h3
The next major support level looks to be around the $194 area, which is where the stock broke out in October 2016. Often, prior breakout levels will serve as solid support when retested.
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