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Bearish Moving Average Cross by Legg Mason (LM)

Published on Thu, 01/31/2013 - 12:15
By Mallory Stone

Legg Mason (NYSE:LM) shares have crossed bearishly below their 10-day moving average of $27.60 on a volume of 302K 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.

In the past 52 weeks, Legg Mason share prices have been bracketed by a low of $22.36 and a high of $29.49 and are now at $27.50, 23% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.7% while the 200-day MA has remained constant.

Based on a current price of $27.50, Legg Mason is currently 1.6% above its average consensus analyst price target of $27.07. The stock should find initial support at its 50-day moving average (MA) of $26.22 and further support at its 200-day MA of $25.47.

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.

By Mallory Stone
mstone@fnno.com