• Return to Headlines

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

By Nick Russo

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. Today's price range of $33.25 and $33.73 is within yesterday'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.

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.

Brookfield Asset Management (NYSE:BAM) has potential upside of 18.9% based on a current price of $33.68 and analysts' consensus price target of $40.04. The stock should discover initial support at its 50-day moving average (MA) of $33.28 and subsequent support at its 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 are now at $33.68, 29% above that low price. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 0.8%.

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 inside day candle Brookfield Asset Management

Ticker(s): BAM