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

By Nick Russo

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 $52.68 and $53.50 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.

In the past 52 weeks, shares of ProAssurance have traded between a low of $43.11 and a high of $53.62 and closed yesterday at $52.68, which is 22% above that low price. Over the past week, 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.

ProAssurance (NYSE:PRA) is currently priced 0.5% above its average consensus analyst price target of $52.40. The stock should find initial support at its 200-day moving average (MA) of $49.81 and further support at its 50-day MA of $49.53.

SmarTrend recommended that subscribers consider buying shares of ProAssurance on May 20th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $49.96. Since that recommendation, shares of ProAssurance have risen 5.4%. We continue to monitor PRA for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle proassurance

Ticker(s): PRA