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Uncovering Noteworthy Technical Analysis Findings for BROWN & BROWN INC (NYSE:BRO).

By Mill Chart

Last update: Nov 8, 2023

BROWN & BROWN INC (NYSE:BRO) was identified as a Technical Breakout Setup Pattern by our stockscreener. Such a pattern occurs when we see a pause in a strong uptrend: after a strong rise the stock is consolidating a bit and at some point the trend may be continued. Whether this actually happens can not be predicted of course, but it may be a good idea to keep and eye on NYSE:BRO.

BRO Daily chart on 2023-11-08

Analyzing the Technical Aspects

ChartMill assigns a Technical Rating to every stock. This score, ranging from 0 to 10, is updated daily and is determined by evaluating multiple technical indicators and properties.

We assign a technical rating of 7 out of 10 to BRO. In the last year, BRO was one of the better performers in the market. There are positive signs in the very recent evolution, but the medium term picture is slightly mixed.

  • The short term trend is positive, while the long term trend is neutral. So this is evolving in the right direction.
  • When comparing the yearly performance of all stocks, we notice that BRO is one of the better performing stocks in the market, outperforming 89% of all stocks. We also observe that the gains produced by BRO over the past year are nicely spread over this period.
  • BRO is part of the Insurance industry. There are 142 other stocks in this industry. BRO outperforms 76% of them.
  • BRO is currently trading in the upper part of its 52 week range. The S&P500 Index is also trading in the upper part of its 52 week range, so BRO is performing more or less in line with the market.
  • In the last month BRO has a been trading in the 66.73 - 71.92 range, which is quite wide. It is currently trading near the high of this range.

For an up to date full technical analysis you can check the technical report of BRO

Looking at the Setup

ChartMill also assign a Setup Rating to every stock. With this score it is determined to what extend the stock has been trading in a range in the recent days and weeks. This score also ranges from 0 to 10 and is updated daily. The setup score evaluates various short term technical indicators. NYSE:BRO scores a 9 out of 10:

Besides having an excellent technical rating, BRO also presents a decent setup pattern. Prices have been consolidating lately and the volatility has been reduced. There is a resistance zone just above the current price starting at 72.47. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 71.11, a Stop Loss order could be placed below this zone. We notice that large players showed an interest for BRO in the last couple of days, which is a good sign.

How to trade NYSE:BRO?

A breakout opportunity may arise when the stock surpasses the current consolidation zone and reaches new highs. Traders often wait for this breakout before considering buying the stock. To manage risk, a stop loss order could be placed below the consolidation zone to limit potential losses.

Of course, there are many ways to trade or not trade NYSE:BRO and this article should in no way be interpreted as trading advice. The article is purely based on an automated technical analysis and just points out the technical observations. Always make your own analysis and trade at your own responsibility.

More breakout setups can be found in our Breakout screener.

Keep in mind

Important Note: The content of this article is not intended as trading advice. It is essential to perform your own analysis and exercise caution when making trading decisions. The article presents observations created by automated analysis but does not guarantee any trading or investment outcomes. Always trade responsibly and make independent judgments.

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BROWN & BROWN INC

NYSE:BRO (2/20/2024, 10:12:05 AM)

82.555

-0.13 (-0.16%)

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