• Return to Headlines

Possible Bearish Inside Day Candle Pattern Detected for Marsh & Mclennan (NYSE:MMC)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Marsh & Mclennan (NYSE:MMC) based on the price action in the company's shares. Yesterday's price range of $113.63 and $114.11 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. Owners of Marsh & Mclennan may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Marsh & Mclennan (NYSE:MMC) is currently priced 20.2% above its average consensus analyst price target of $91.27. The stock should find initial support at its 50-day moving average (MA) of $109.39 and further support at its 200-day MA of $100.95.

Marsh & McLennan Companies, Inc. is a professional services firm providing advice and solutions in the areas of risk, strategy, and human capital. Marsh & McLennan offers analysis, advice, and transactional capabilities to clients worldwide.

Over the past year, Marsh & Mclennan has traded in a range of $80.51 to $114.15 and closed yesterday at $114.35, 42% above that low. The 200-day and 50-day moving averages have moved 0.19% higher and 0.42% higher over the past week, respectively.

SmarTrend recommended that subscribers consider buying shares of Marsh & Mclennan on October 29th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $100.66. Since that recommendation, shares of Marsh & Mclennan have risen 13.4%. We continue to monitor MMC for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle marsh & mclennan

Ticker(s): MMC