Allstate Corp Is Another Earnings Victim, Watch This Trade Level
Leading insurance and investment products company, Allstate Corp (ALL), was another stock that took a nosedive after reporting earnings last week. The insurance giant missed Q3 EPS expectations and reported in-line revenue. This was clearly a disappointment as the stock price dropped over 8.0% after the earnings announcement. The stock is now trading below the important 50 and 200-day moving averages. This puts the stock in a weak technical position on the charts and further downside is likely in the near term.
The next major chart support level for Allstate Corp (ALL) stock will be around the $110.00 area. This important support level is where the stock has a major retrace level from the March 2020 lows to the 2021 highs. The 100-week moving average around the $110.00 area, this just adds strength to this major support level. Often, the institutional crowd will defend the equity when it is tested with these supporting factors. I’ll look to be a long-side buyer at this key level.
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