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