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

By Shiri Gupta

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 $142.46 and $144.40 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.

In the past 52 weeks, shares of Renaissancere have traded between a low of $117.35 and a high of $147.97 and closed yesterday at $143.91, which is 23% above that low price. The 200-day and 50-day moving averages have moved 0.31% higher and 0.84% higher over the past week, respectively.

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.

Based on a current price of $143.91, Renaissancere is currently 5.0% above its average consensus analyst price target of $136.75. Renaissancere shares have support at the 50-day moving average (MA) of $140.56 and additional support at the 200-day MA of $131.92.

SmarTrend recommended that subscribers consider buying shares of Renaissancere on January 29th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $134.07. Since that recommendation, shares of Renaissancere have risen 6.1%. We continue to monitor RNR for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish am inside day candle renaissancere

Ticker(s): RNR