China Life Insurance Near Overbought Level After Rally: ChartBy
A 15 percent rally in China Life Insurance Co.’s U.S.-traded shares has pushed its relative strength index to near 70, a level that frequently precedes a reversal. When the momentum gauge last breached that line in April 2015, a 10 percent drop followed. The nation’s largest life insurer, whose first-quarter net income was less than half of what it was a year earlier, has seen an acceleration in premium growth this year amid a surge in the number of insurance agents.
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