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

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Arthur J Gallagher (NYSE:AJG) based on the price action in the company's shares. Yesterday's price range of $57.10 and $57.54 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 Gallagher may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Over the past year, Arthur J Gallagher has traded in a range of $35.96 to $57.82 and closed yesterday at $57.12, 59% above that low. In the last five trading sessions, the 50-day moving average (MA) has climbed 1.3% while the 200-day MA has remained constant.

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.

Arthur J Gallagher (NYSE:AJG) has potential upside of 2.8% based on a current price of $57.12 and analysts' consensus price target of $58.71. The stock should discover initial support at its 50-day moving average (MA) of $43.67 and subsequent support at its 200-day MA of $42.71.

SmarTrend is monitoring the recent change of momentum in Arthur J Gallagher. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Arthur J Gallagher in search of a potential trend change.

Keywords: bearish am inside day candle arthur j gallagher

Ticker(s): AJG