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BRO Printing New ATHs!

Brown & Brown (NASDAQ: BRO) is a past top-performer in my portfolio from $20 to $50. It has been back in my portfolio since price broke and closed above $50 and started printing new ATHs in April of this year.  Price has moved circa 26% since April as shown on the monthly timeframe below. 

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As with the stock market in general, September was a bearish month with a decline of almost 7%. 

I have mentioned numerous times over my previous articles that by understanding the seasonal movement of the stock market, as investors, we know when to apply patience and stand aside. 

September, historically, is a time to be taking a position from the sidelines, which I did, and by looking at BRO on the daily timeframe below, this has so far paid off well. 
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Price has recovered by over 10% since the low of September and is now also trading above $60. The consolidation formed through September is likely to act as a base for a bull trend continuation. 

The next key level above price is the major round number of $100 which price is likely to target if the stock market as a whole resumes the long term bull trend. 

For this to happen, we ideally need to see the indices breakout and also push to new ATHs. 

I have numerous compounded positions in play and will continue to add positions once my investment plan is met. 

Applying patience and continuing to conduct my end of day analysis for now. 

Zaheer Anwari – Co-founder of Sublime Trading

This post was originally published on this site

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