Selective Insurance Group, Inc. SIGIis testing several technical factors at the moment.
Firstly, the stock finished yesterday’s session forming second bullish engulfing in five days which resulted in RSI(5) divergence.
Secondly, the share price has currently stopped its downward correction at its previous resistance level which was violated by a gap move up.
Thirdly the price reached its 50 moving average which has a tendency to serve a support area for this stock.
All in all we would assume the price go up to its previous high of $40 as our first target.
For more ideas visit mercuriusam.wordpress.com
Firstly, the stock finished yesterday’s session forming second bullish engulfing in five days which resulted in RSI(5) divergence.
Secondly, the share price has currently stopped its downward correction at its previous resistance level which was violated by a gap move up.
Thirdly the price reached its 50 moving average which has a tendency to serve a support area for this stock.
All in all we would assume the price go up to its previous high of $40 as our first target.
For more ideas visit mercuriusam.wordpress.com
