Investors are worried. Worried about their bank deposits. Worried about regional and community banks. Worried about banks overseas and commercial real estate at home.
Is there another shoe to fall?
Let's check out Everest RE Group ( RE) , which is a U.S. property and casualty reinsurer. Please note that I am a technical analyst and just looking at the charts.
In the daily bar chart of RE, below, I can see that share prices quickly turned lower in March to break below the 50-day moving average line. The slope of the 50-day has crested. The slope of the 200-day line is still positive and intersects around $310.
The daily On-Balance-Volume (OBV) line turned lower in early March after a year-long advance. The Moving Average Convergence Divergence (MACD) oscillator made a lower high in February and has crossed below the zero line in March for an outright sell signal.
In the weekly Japanese candlestick chart of RE, below, I see a bearish setup. The shares had rallied the past three years but a top reversal pattern is visible in February and the candles in March are red (bearish) with large upper shadows.
The weekly OBV line made lower highs in November and February. The MACD oscillator has crossed to the downside for a take profit sell signal.
In this daily Point and Figure chart of RE, below, I can see a potential downside price target in the $289 area. A trade at $328 could refresh the downtrend.
In this weekly Point and Figure chart of RE, below, I can see a price target in the $273 area.
Bottom-line strategy: I have no special knowledge of RE fundamnetally, but the charts are weak looking when I look at the price action and the indicators.