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

By David Diaz

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. Today's price range of $57.16 and $57.53 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 Gallagher 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 Gallagher have traded between a low of $35.96 and a high of $57.82 and are now at $57.52, which is 60% above that low price. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 1.3%.

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 has overhead space with shares priced $57.52, or 2.0% below the average consensus analyst price target of $58.71. The stock should find initial support at its 50-day moving average (MA) of $43.67 and further 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 inside day candle arthur j gallagher

Ticker(s): AJG