Thursday, 16 October 2014

U.S. stock pick of the day : ALLSTATE CORP

NYSE stock pick of the day

Recommendation    :           Sell Below $59.25
Target                     :          $57.50

STOCK SUMMARY:-
Allstate Corp is overall in bearish trend and is sustaining at higher levels on chart. Traders can sell the stock below the level of $59.25 which is a near term resistance level for the stock, and if it manages to breach this level further bearish movement is expected in this stock to test the levels of $57.50.

CHART FORMATION
Stock is in consolidate trend for near term and price is expected to test the support level below the trend line with good consolidation on daily intraday chart. Near term breach of support level of $59.25 is expected, which would trigger further bearish sentiment in the stock to test the levels of $57.50.

INDICATORS:-
RSI is trading with negative bias and is sustaining below the level of 50.
In MACD, signal line is sustaining below MACD line which  is indicating bearish sentiment in the stock.