Insurance company W.R. Berkley is in a buy range and may be poised to take off after breaking out of a long cup-with-handle pattern. The move comes as the company prepares to announce its latest quarterly results.
Additionally, its Relative Strength Rating just topped a major benchmark, with a jump from 80 to 84 on Monday. W.R. Berkley stock shot up 2.3% Monday, its fifth straight higher close.
The company is expected to report its latest results on or around Jan. 24.
W.R. Berkley Earnings Strong
A year ago, Greenwich, Conn.-based W.R. Berkley had a rough quarter, posting slightly lower earnings and revenue. From there it turned up and never looked back. In its latest quarter the company reported a 34% jump in earnings to $1.35 per share on 11% higher revenue to $3.03 billion.
Its upgraded 84 RS Rating puts W.R. Berkley in the top 16% of all stocks for share price strength over the past year. Research has shown that the best stocks often have an RS Rating north of 80 in the early stages of their moves.
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Trading In Buy Range
W.R. Berkley is trading in a buying range after climbing above a 74.16 entry in a cup with handle on Jan. 5. The proper buying range is up to 5% above the initial entry.
W.R. Berkley holds the No. 9 rank among its peers in the Insurance-Property/Casualty/Title industry group. Kinsale Capital Group and Chubb are among the group's highest-rated stocks.
