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Possible Bullish Inside Day Candle Pattern Detected for Brown & Brown (NYSE:BRO)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Brown & Brown (NYSE:BRO) based on the price action in the company's shares. Yesterday's price range of $35.56 and $36.16 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 Brown & Brown may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Brown & Brown, Inc. and its subsidiaries provide a range of insurance and reinsurance products and services. The Company also provides risk management, employee benefit administration, and managed health care services. Brown & Brown operates offices across the United States.

In the past 52 weeks, Brown & Brown share prices have been bracketed by a low of $30.21 and a high of $48.69 and closed yesterday at $35.70, 18% above that low price. In the last five trading sessions, the 50-day moving average (MA) has fallen 1.6% while the 200-day MA has remained constant.

Brown & Brown (NYSE:BRO) defies analysts with a current price ($35.70) 28.5% above its average consensus price target of $25.53. The stock should run into initial resistance at its 200-day moving average (MA) of $38.43 and subsequent resistance at its 50-day MA of $40.41.

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

Keywords: bullish am inside day candle brown & brown

Ticker(s): BRO