• Return to Headlines

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 $188.40 and $190.42 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 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 (NYSE:RNR) is currently priced 27.9% above its average consensus analyst price target of $136.75. The stock should discover initial support at its 50-day moving average (MA) of $188.03 and subsequent support at its 200-day MA of $163.94.

Over the past year, Renaissancere has traded in a range of $118.28 to $195.18 and closed yesterday at $189.69, 60% above that low. Over the last five market days, the 200-day moving average (MA) has gone up 0.5% while the 50-day MA has advanced 0.2%.

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