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

By Nick Russo

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. Yesterday's price range of $71.40 and $72.52 is within the prior day'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.

Arthur J Gallagh share prices have moved between a 52-week high of $72.77 and a 52-week low of $43.90 and closed yesterday at 63% above that low price at $71.71 per share. The 200-day and 50-day moving averages have moved 0.06% lower and 1.34% higher over the past week, respectively.

Arthur J Gallagh (NYSE:AJG) has potential upside of 0.4% based on a current price of $71.71 and analysts' consensus price target of $72.00. Arthur J Gallagh shares have support at the 50-day moving average (MA) of $43.67 and additional support at the 200-day MA of $42.71.

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 January 23rd, 2018 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $64.85. Since that recommendation, shares of Arthur J Gallagh have risen 12.0%. We continue to monitor AJG for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle arthur j gallagh

Ticker(s): AJG