Here's a Financial Sector Stock With a Great Chart
There's a clear uptrend playing out here since August.
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In the U.S. market, Corebridge Financial (CRBG) sells health insurance, personal accident insurance, and travel insurance. The company was formed after American International Group AIG performed a spinoff of the company via an IPO in 2022.
I haven't looked at CRBG charts before today but I was immediately attracted to its uptrend.
Let's check it out.
In the daily bar chart of CRBG, below, I can see a clear uptrend playing out since August. Prices have been making higher lows and higher highs and bouncing off the rising 50-day moving average line since October.
The On-Balance-Volume (OBV) line shows us an uptrend into May. Recently the OBV line has weakened slightly. The Moving Average Convergence Divergence (MACD) oscillator is correcting lower but remains well above the zero line.
In the weekly Japanese candlestick chart of CRBG, below, I see a mixed picture. Prices are in an uptrend and trade above the rising 40-week moving average line. A large upper shadow on a candle in early May suggests that a temporary high may have been seen.
The weekly OBV line shows us a choppy up and down pattern. The MACD oscillator is above the zero but it may be poised for a downside crossover and take profits sell signal.
In this daily Point and Figure chart of CRBG, below, I can see that the software is projecting a potential downside price target in the $23 area.
In this weekly Point and Figure chart of CRBG, below, I used a five-box reversal filter. Here I can see that prices reached and exceeded a price target in the $21 area.
Bottom-line strategy: Overall the charts of CRBG are mixed but I really like the uptrend on the daily bar chart (above). CRBG could trade sideways for a few weeks. If the OBV line remains steady or rises for the weeks ahead I think it will be a sign that CRBG can trade higher.
Let's check out the charts of CRBG again in a few weeks from now.
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