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

By Shiri Gupta

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. Yesterday's price range of $32.85 and $33.87 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 Lazard may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Lazard has overhead space with shares priced $32.95, or 43.8% below the average consensus analyst price target of $58.58. The stock should run into initial resistance at its 50-day moving average (MA) of $37.31 and subsequent resistance at its 200-day MA of $42.79.

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.

In the past 52 weeks, shares of Lazard have traded between a low of $26.21 and a high of $59.82 and closed yesterday at $32.95, which is 26% above that low price. Over the past week, the 200-day moving average (MA) has gone down 1.1% while the 50-day MA has advanced 0.5%.

SmarTrend recommended that its subscribers protect gains by selling shares of Lazard on April 8th, 2016 by issuing a Downtrend alert when the shares were trading at $35.14. Since that call, shares of Lazard have fallen 3.6%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bearish am inside day candle lazard

Ticker(s): LAZ