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Possible Bearish Inside Day Candle Pattern Detected for Lazard (NYSE:LAZ)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Lazard (NYSE:LAZ) based on the price action in the company's shares. Today's price range of $45.00 and $45.64 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 Lazard 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 Lazard have traded between a low of $26.21 and a high of $59.82 and are now at $45.12, which is 72% above that low price. Over the last five market days, the 200-day moving average (MA) has gone down 1.1% while the 50-day MA has advanced 0.5%.

Lazard Ltd provides domestic and international financial advisory services and global transaction execution to corporations, partnerships, institutions, governments, and individuals. The Company's services include mergers and acquisitions, capital markets execution, asset management, and real estate investment banking.

Potential upside of 6.4% exists for Lazard, based on a current level of $45.12 and analysts' average consensus price target of $48.00. Lazard shares have support at the 200-day moving average (MA) of $42.79 and additional support at the 50-day MA of $37.31.

SmarTrend recommended that subscribers consider buying shares of Lazard on November 4th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $37.79. Since that recommendation, shares of Lazard have risen 21.0%. We continue to monitor LAZ for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle lazard

Ticker(s): LAZ