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Possible Bullish Inside Day Candle Pattern Detected for Brookfield Asset Management (NYSE:BAM)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Brookfield Asset Management (NYSE:BAM) based on the price action in the company's shares. Yesterday's price range of $33.66 and $34.18 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. Traders and investors interested in shares of Brookfield Asset Management may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Potential upside of 17.2% exists for Brookfield Asset Management, based on a current level of $34.17 and analysts' average consensus price target of $40.04. Brookfield Asset Management shares have support at the 50-day moving average (MA) of $33.28 and additional support at the 200-day MA of $32.39.

In the past 52 weeks, Brookfield Asset Management share prices have been bracketed by a low of $26.13 and a high of $36.81 and closed yesterday at $34.17, 31% above that low price. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 0.8%.

Brookfield Asset Management Inc is an asset management company focused on the real estate and power generation sectors. The Company owns interests in office properties in North America, and in London in the United Kingdom. Brookfield Asset Management also owns power generating plants.

SmarTrend is tracking the current trend status for Brookfield Asset Management and will alert subscribers who have BAM in their portfolio or watchlist when shares have changed trend direction.

Keywords: bullish am inside day candle Brookfield Asset Management

Ticker(s): BAM