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Possible Bullish Inside Day Candle Pattern Detected for Marsh & Mclennan (NYSE:MMC)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Marsh & Mclennan (NYSE:MMC) based on the price action in the company's shares. Yesterday's price range of $112.30 and $112.92 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 Marsh & Mclennan 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 $113.42, Marsh & Mclennan is currently 19.5% above its average consensus analyst price target of $91.27. The stock should find initial support at its 50-day moving average (MA) of $111.04 and further support at its 200-day MA of $101.85.

In the past 52 weeks, shares of Marsh & Mclennan have traded between a low of $82.10 and a high of $116.84 and closed yesterday at $113.42, which is 38% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.4% while the 200-day MA has risen 0.3%.

Marsh & McLennan Companies, Inc. is a professional services firm providing advice and solutions in the areas of risk, strategy, and human capital. Marsh & McLennan offers analysis, advice, and transactional capabilities to clients worldwide.

SmarTrend is tracking the current trend status for Marsh & Mclennan and will alert subscribers who have MMC in their portfolio or watchlist when shares have changed trend direction.

Keywords: bullish am inside day candle marsh & mclennan

Ticker(s): MMC