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Possible Bearish Inside Day Candle Pattern Detected for Brown & Brown (NYSE:BRO)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Brown & Brown (NYSE:BRO) based on the price action in the company's shares. Yesterday's price range of $53.11 and $53.75 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 Brown & Brown may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Brown & Brown, Inc. and its subsidiaries provide a range of insurance and reinsurance products and services. The Company also provides risk management, employee benefit administration, and managed health care services. Brown & Brown operates offices across the United States.

In the past 52 weeks, shares of Brown & Brown have traded between a low of $34.27 and a high of $53.77 and closed yesterday at $53.15, which is 55% above that low price. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 0.8%.

Brown & Brown (NYSE:BRO) is currently priced 19.1% above its average consensus analyst price target of $43.00. The stock should find initial support at its 50-day moving average (MA) of $34.66 and further support at its 200-day MA of $32.56.

SmarTrend recommended that subscribers consider buying shares of Brown & Brown on February 16th, 2017 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $43.57. Since that recommendation, shares of Brown & Brown have risen 23.4%. We continue to monitor BRO for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle brown & brown

Ticker(s): BRO