• Return to Headlines

Possible Bullish Inside Day Candle Pattern Detected for Proassurance Cor (NYSE:PRA)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Proassurance Cor (NYSE:PRA) based on the price action in the company's shares. Yesterday's price range of $34.72 and $35.04 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 Proassurance Cor may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Potential upside of 40.7% exists for Proassurance Cor, based on a current level of $35.11 and analysts' average consensus price target of $49.40. The stock should find initial resistance at its 50-day moving average (MA) of $40.30 and further resistance at its 200-day MA of $42.08.

Proassurance Cor share prices have moved between a 52-week high of $49.48 and a 52-week low of $34.51 and closed yesterday at 2% above that low price at $35.11 per share. In the last five trading sessions, the 50-day moving average (MA) has fallen 1% while the 200-day MA has remained constant.

ProAssurance Corporation, through its subsidiaries, provides property and casualty insurance, and reinsurance products in the United States. The company operates through Specialty Property and Casualty, Workers' Compensation, and Lloyd's Syndicate segments.

SmarTrend recommended that its subscribers protect gains by selling shares of Proassurance Cor on February 26th, 2019 by issuing a Downtrend alert when the shares were trading at $41.33. Since that call, shares of Proassurance Cor have fallen 16.3%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bullish am inside day candle proassurance cor

Ticker(s): PRA