Bearish Moving Average Cross by Legg Mason (LM)

Published on Thu, 01/31/2013 - 12:15
By Mallory Stone in Moving average crossovers, LM, legg mason, moving crosses, nyse:lm

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

Latest News from FNNO

Rambus Makes a Move: Down 2.3%...

Rambus (NASDAQ:RMBS) is one of today's biggest movers, down 2.3% to $12.44. The S&P is ...

Sellers Reduce Exposure to Shares of Sta...

Starbucks shares are trading on heavy volume today, having fallen 2.2% to $78.69. Abou ...

Shares of Daimler Under Pressure, Down ...

Down 2.3% to $87.35, Daimler (NASDAQ:DDAIF), is one of today's notable movers. The Do ...

Shares of Basic Energy Services Are Movi...

Shares of Basic Energy Services are trading today in above average volume, with the sha ...

Boston Beer Makes a Move: Down 2.4%...

Boston Beer (NYSE:SAM) is a company whose shares are active, trading 2.4% lower to $216 ...

Volume Spike Detected in Shares of Silic...

Shares of Silicon Laboratories are trading today in above average volume, with the shar ...

Stock Investors Sell Off Shares of Merit...

One of today's stocks on the move is Meritage Homes (NYSE:MTH), down 2.4% to $40.43. T ...

Volume Spike Detected in Shares of Acaci...

Acacia Research shares are trading on heavy volume today, having risen 14.4% to $17.13. ...