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Possible Bearish Inside Day Candle Pattern Detected for Renaissancere (NYSE:RNR)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Renaissancere (NYSE:RNR) based on the price action in the company's shares. Yesterday's price range of $190.84 and $192.43 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 Renaissancere may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Renaissancere (NYSE:RNR) is currently priced 28.7% above its average consensus analyst price target of $136.75. The stock should find initial support at its 50-day moving average (MA) of $187.87 and further support at its 200-day MA of $173.98.

RenaissanceRe Holdings Ltd. is a global provider of reinsurance and insurance. The Company's business primarily consists of catastrophe reinsurance, specialty reinsurance, and individual risk business.

In the past 52 weeks, shares of Renaissancere have traded between a low of $123.79 and a high of $195.18 and closed yesterday at $191.74, which is 55% above that low price. The 200-day and 50-day moving averages have moved 0.41% higher and 0.02% lower over the past week, respectively.

SmarTrend recommended that subscribers consider buying shares of Renaissancere on July 2nd, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $183.25. Since that recommendation, shares of Renaissancere have risen 5.1%. We continue to monitor RNR for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle renaissancere

Ticker(s): RNR