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

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Renaissancere (NYSE:RNR) based on the price action in the company's shares. Yesterday's price range of $126.08 and $127.14 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 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 share prices have moved between a 52-week high of $152.00 and a 52-week low of $116.50 and closed yesterday at 9% above that low price at $127.00 per share. Over the past week, the 200-day moving average (MA) has gone down 0.2% while the 50-day MA has declined 0.4%.

Renaissancere has overhead space with shares priced $127.00, or 7.1% below the average consensus analyst price target of $136.75. Renaissancere shares should first meet resistance at the 200-day moving average (MA) of $133.74 and find additional resistance at the 50-day MA of $134.42.

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.

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

Keywords: bullish am inside day candle renaissancere

Ticker(s): RNR