Legg Mason (NYSE:LM) crossed under its 10-day moving average of $54.24 on a volume of 270K shares. This may provide short-term investors a chance for a short position, as such a crossover often suggests lower prices in the near term.
Over the past year, Legg Mason has traded in a range of $45.51 to $59.19 and is now at $54.06, 19% above that low. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has declined 0.4%.
Potential upside of 12.4% exists for Legg Mason, based on a current level of $54.06 and analysts' average consensus price target of $60.75. The stock should hit resistance at its 50-day moving average (MA) of $55.60, as well as support at its 200-day MA of $53.12.
Legg Mason, Inc. is a global asset management company. The Company, through its subsidiaries, provides investment management and related services to institutional and individual clients, company-sponsored mutual funds and other pooled investment vehicles.