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Fan Yang

Chubb Limited (CB) Retreats from Key Resistance

Chubb Limited $CB has been on a bullish run, but is now facing a key resistance around $141.25.

CB Daily Chart

(click to enlarge)

Shifting Trend:
- As we can see on the daily chart, price action was bearish in 2018 until it failed to break below $120.35 twice late in the year.
- This price action eventually completed a double bottom. 
- From the double bottom, price has extended higher and is now testing a key support/resistance pivot area around $141.25. 
- The RSi is above 70, which shows overbought condition. 
- It shouldn't be a surprise if price does retreat. 
- If it does, we should monitor the $138 area, which was a recent support/resistance pivot.
- If price holds above $138 and bounces back up o the $141.25 area, I think we should anticipate a bullish breakout.
- Even if price does break below $138, the overall trend is likely still bullish, but price action might get into a period of consolidation first.
- A break below $132 on the other hand would be a bad sign for the bullish outlook. 

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