Climbing Everest
Everest Reinsurance Group
(
RE |
Quote |
Chart |
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PowerRating):
I’m considering a short opportunity in RE based on a key price resistance zone
from 69.80-72.22. RE traded up into this resistance zone on March 22, but it looks
like we might test it again. Our longer-term trend is down, and time analysis is
pointing to a potential high in the next few trading days. Be patient and wait
for short triggers. If I do get an entry opportunity, I’ll risk to $72.25, just
above this key price zone. Currently my initial objective is $64.43. That is the
1.272 extension of the March 20 low to March 22 high. On the flipside, RE
climbing above our resistance zone signals a likely change in direction and for
us to back away from our short consideration.
