UNM is approaching our first resistance at 34.40 (horizontal pulllback resistance, 23.6%, 50% fibonacci retracement) where a strong drop might occur below this level pushing price down to our major support at 30.62 (50% fiboancci retracement).
Stochastic (55,5,3) is also approaching resistance where we might see a corresponding drop in price.
Shares of insurer UNM are falling after reporting mixed results. I'll be the first to admit that the insurance space is not something I follow closely, but I do see a technical play forming.
The $36-37 area was a breakout level on the weekly chart, so the level should act supportive.
Income investors may also find that level attractive, as the shares would...
