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Possible Bearish Inside Day Candle Pattern Detected for ProAssurance (NYSE:PRA)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in ProAssurance (NYSE:PRA) based on the price action in the company's shares. Yesterday's price range of $49.99 and $50.43 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 ProAssurance may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

ProAssurance (NYSE:PRA) has potential upside of 4.8% based on a current price of $50.02 and analysts' consensus price target of $52.40. ProAssurance shares have support at the 200-day moving average (MA) of $49.81 and additional support at the 50-day MA of $49.53.

Over the past year, ProAssurance has traded in a range of $43.11 to $53.62 and closed yesterday at $50.02, 16% above that low. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has declined 0.3%.

ProAssurance Corporation is a risk management and claims defense company with a license to write business across the United States. The Company provides medical professional liability insurance to policyholders throughout the United States.

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

Keywords: bearish am inside day candle proassurance

Ticker(s): PRA