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Technical analysis: W.R. BERKLEY CORPORATION

W. R. Berkley Corporation is a Delaware-based commercial property and casualty insurance holding company headquartered in Greenwich, Connecticut.

The #WRB stock has recently undergone, like a large part of the financial and insurance sector, a strong downward fluctuation reaching now an important support level (or previous resistance).

In fact, we note how in the last drop the stock stopped at $ 72.50- $ 73.00: strong resistance level both March 2021 and August 2019.

We believe the circumstances are in favour of a recovery with good upside swings

The stock is forming a good base at $ 73.00 where a breakout of $ 74.86 could lead to strong bullish moves

  • #WRB is gradually positioning itself above the 9MA

  • You can see the formation of an ascending triangle (bullish formation)

  • MACD after a long bearish phase is crossing over to the upside

  • RSI has both left the oversold zone and broken the bearish trend line, that could support the bullish move

Entry range $ 74.00 - $74.80

Target 1 $ 77.00

Target 2 $ 80.00

Stop loss $72.50

OTB Global Investments

1 July 2021

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