Watch for China Life Insurance to Rebound after Falling 2.69% Yesterday (LFC)

China Life Insurance (NYSE:LFC) traded in a range yesterday that spanned from a low of $60.76 to a high of $62.50. Yesterday, the shares fell 2.69%, which took the trading range below the 3-day low of $62.60 on volume of 1.4 million shares.

Shares of China Life Insurance are currently trading below their 50-day moving average (MA) of $66.31 and below their 200-day MA of $69.16. Look for these MAs to provide resistance for a short-term rebound in the shares.

SmarTrend is bearish on shares of China Life Insurance and our subscribers were alerted to Sell on August 20, 2010 at $63.91. The stock has fallen 4.2% since the alert was issued.

SmarTrend has the shares in a Downtrend and expects the share price to rebound toward the $62.60 resistance level. Afterwards, we expect it to move downward with its peers in the SmarTrend Accident, Life & Health Insurance industry.