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

By James Quinn

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 $33.66 and $34.05 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.

In the past 52 weeks, shares of Brookfield Asset Management have traded between a low of $26.13 and a high of $36.81 and are now at $33.92, which is 30% 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%.

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 has overhead space with shares priced $33.92, or 15.3% below the average consensus analyst 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.

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