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Bearish Moving Average Cross by Legg Mason (LM)

By James Quinn

Legg Mason (NYSE:LM) crossed under its 10-day moving average of $33.94 on a volume of 166K shares. This may provide swing traders with an opportunity for a short position, as such a crossover often suggests lower prices in the near term.

Legg Mason share prices have moved between a 52-week high of $55.88 and a 52-week low of $24.93 and are now trading 36% above that low price at $33.79 per share. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.8% while the 200-day MA has slid 0.9%.

SmarTrend recommended that subscribers consider buying shares of Legg Mason on July 19th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $33.09. Since that recommendation, shares of Legg Mason have risen 3.3%. We continue to monitor LM for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: moving crosses Legg Mason

Ticker(s): LM