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Possible Bullish Inside Day Candle Pattern Detected for Brown & Brown (NYSE:BRO)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Brown & Brown (NYSE:BRO) based on the price action in the company's shares. Yesterday's price range of $52.10 and $53.39 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 Brown & Brown may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Brown & Brown, Inc. and its subsidiaries provide a range of insurance and reinsurance products and services. The Company also provides risk management, employee benefit administration, and managed health care services. Brown & Brown operates offices across the United States.

Brown & Brown (NYSE:BRO) is currently priced 18.7% above its average consensus analyst price target of $43.00. Brown & Brown shares have support at the 50-day moving average (MA) of $34.66 and additional support at the 200-day MA of $32.56.

In the past 52 weeks, Brown & Brown share prices have been bracketed by a low of $34.27 and a high of $53.72 and closed yesterday at $52.89, 54% above that low price. The 200-day and 50-day moving averages have moved 0.08% higher and 0.83% higher over the past week, respectively.

SmarTrend recommended that subscribers consider buying shares of Brown & Brown on February 16th, 2017 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $43.57. Since that recommendation, shares of Brown & Brown have risen 19.4%. We continue to monitor BRO for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish am inside day candle brown & brown

Ticker(s): BRO