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Possible Bullish Inside Day Candle Pattern Detected for RenaissanceRe Holdings (NYSE:RNR)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in RenaissanceRe Holdings (NYSE:RNR) based on the price action in the company's shares. Yesterday's price range of $114.24 and $115.80 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 RenaissanceRe Holdings may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

RenaissanceRe Holdings Ltd. is a global provider of reinsurance and insurance. The Company's business primarily consists of catastrophe reinsurance, specialty reinsurance, and individual risk business.

RenaissanceRe Holdings (NYSE:RNR) is currently priced 3.3% above its average consensus analyst price target of $112.00. The stock should discover initial support at its 50-day moving average (MA) of $115.74 and subsequent support at its 200-day MA of $110.40.

In the past 52 weeks, RenaissanceRe Holdings share prices have been bracketed by a low of $99.35 and a high of $121.38 and closed yesterday at $115.79, 17% above that low price. Over the last five market days, the 200-day moving average (MA) has gone up 0.3% while the 50-day MA has advanced 0.4%.

SmarTrend is monitoring the recent change of momentum in RenaissanceRe Holdings. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of RenaissanceRe Holdings in search of a potential trend change.

Keywords: bullish am inside day candle renaissancere holdings

Ticker(s): RNR