Wednesday, August 22, 2018 11:58:32 AM
This morning, leading insurance company, Hartford Financial (NYSE:HIG), acquired Navigators Group (NAVG) for $70.00 a share in cash. The total deal is worth $2.1 billion. The news is sending HIG stock lower by 4.28 percent to $50.12 a share.
Traders and investors should note that the trend is down for HIG. The stock is now trading below its important 50 and 200-day moving averages. This puts the stock in a weak technical position. The weekly chart pattern also indicates a bearish pattern and lower stock prices ahead. Traders must now watch the $44.00 area for major chart support. This is where the stock broke out in November 2016. If you have followed my work you know that I like when stocks retest prior breakout levels. Keep the $44.00 area on the radar for a long side trade in HIG when it gets there.
Nicholas Santiago
InTheMoneyStocks
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