ChartPros Market Insights
January 10 Chart of the Day - Mercury Insurance Group
Insurance and utility related stocks with California exposure significantly dropped Friday as Los Angeles firefighters continued to attempt to contain wildfires that have totally ruined thousands of homes and caused at least 10 deaths.
Shares of Allstate (ALL), the Travelers Companies (TRV), Chubb (CB), Mercury (MCY), and American International Group (AIG) — were all trading down on Friday with Mercury suffering the largest drop of roughly 20%.
Today, we take closer look at Mercury's chart from a price action technical analysis perspective.