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

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Legg Mason (NYSE:LM) based on the price action in the company's shares. Today's price range of $30.91 and $31.36 is within yesterday'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 may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Legg Mason has overhead space with shares priced $31.36, or 38.8% below the average consensus analyst price target of $51.25. The stock should find initial resistance at its 50-day moving average (MA) of $32.91 and further resistance at its 200-day MA of $38.77.

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.

In the past 52 weeks, shares of Legg Mason have traded between a low of $24.93 and a high of $55.88 and are now at $31.36, which is 26% above that low price. The 200-day and 50-day moving averages have moved 0.92% lower and 0.79% higher over the past week, respectively.

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

Keywords: bullish inside day candle Legg Mason

Ticker(s): LM