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Possible Bullish Inside Day Candle Pattern Detected for Legg Mason Inc (NYSE:LM)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Legg Mason Inc (NYSE:LM) based on the price action in the company's shares. Yesterday's price range of $36.49 and $37.26 is within the prior day's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Traders and investors interested in shares of Legg Mason Inc may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

In the past 52 weeks, Legg Mason Inc share prices have been bracketed by a low of $23.25 and a high of $40.27 and closed yesterday at $37.25, 60% above that low price. Over the last five market days, the 200-day moving average (MA) has gone up 0.4% while the 50-day MA has declined 0.2%.

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.

Potential upside of 19.9% exists for Legg Mason Inc, based on a current level of $37.25 and analysts' average consensus price target of $44.67. The stock should find resistance at its 50-day moving average (MA) of $37.46, as well as support at its 200-day MA of $35.57.

SmarTrend is tracking the current trend status for Legg Mason Inc and will alert subscribers who have LM in their portfolio or watchlist when shares have changed trend direction.

Keywords: bullish am inside day candle legg mason inc

Ticker(s): LM