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Possible Bearish Inside Day Candle Pattern Detected for Arthur J Gallagh (NYSE:AJG)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Arthur J Gallagh (NYSE:AJG) based on the price action in the company's shares. Today's price range of $87.40 and $87.46 is within yesterday's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Arthur J Gallagh may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

In the past 52 weeks, shares of Arthur J Gallagh have traded between a low of $64.54 and a high of $88.58 and are now at $87.46, which is 36% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.8% while the 200-day MA has risen 0.4%.

Based on a current price of $87.46, Arthur J Gallagh is currently 15.5% above its average consensus analyst price target of $73.90. The stock should discover initial support at its 50-day moving average (MA) of $83.79 and subsequent support at its 200-day MA of $77.78.

Arthur J. Gallagher & Co. and its subsidiaries provide insurance brokerage, risk management, employee benefit, and other related services to clients in the United States and abroad. The Company's principal activity is the negotiation and placement of insurance for its clients. Gallagher also specializes in furnishing risk management services.

SmarTrend recommended that subscribers consider buying shares of Arthur J Gallagh on April 16th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $80.85. Since that recommendation, shares of Arthur J Gallagh have risen 8.2%. We continue to monitor AJG for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle arthur j gallagh

Ticker(s): AJG