The Allstate Corporation (ALL)

The Allstate Corporation (ALL)Allstate is an American insurance major that was spun-off from Sears, Roebuck & Co back in 1993. Allstate started out as an auto insurance company. Even today, personal auto insurance accounts for the largest share of Allstate’s revenues. However, Allstate is now one of the largest property-casualty insurers in the US. Its products are sold by 10,000 agencies throughout the US. The company is also leveraging the digital space to grow its business. Given the company’s underwriting expertise, long track record, and extensive distribution network, its longer-term growth prospects are bright.

The long-term monthly chart for Allstate shows a clear uptrend, with the price consistently respecting the bottom trendline. The only exception was the brief period in March 2020 when markets across the world were falling due to the pandemic. Just prior to that crash, there was resistance at the $125 level. The price eventually broke out in April 2021 and peaked at $139 before going into a sideways range-bound phase. Currently, the price seems to have found support at the $125 level, which was previously resistant. A move back up to the $139 level is likely. A stop-loss can be placed below the support zone at around $123.
Position entered into our long-term tracking portfolio today. The entry point is at $123.64, and stop-loss is at $104.93, which is 17% below the entry point. The short-term to medium-term take profit at the top of the trend is set at $143.15, giving a profit of 13%.