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

By David Diaz

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 $37.30 and $37.76 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.

Based on a current price of $37.61, Brown & Brown is currently 5.5% above its average consensus analyst price target of $35.55. 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.

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.

Over the past year, Brown & Brown has traded in a range of $28.41 to $38.69 and closed yesterday at $37.61, 32% above that low. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.8% while the 200-day MA has remained constant.

SmarTrend recommended that subscribers consider buying shares of Brown & Brown on February 5th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $31.54. Since that recommendation, shares of Brown & Brown have risen 18.2%. 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