Legg Mason (LM - Get Report) is a global asset management company providing investment management and related services to institutional and individual clients, company-sponsored mutual funds and other pooled investment vehicles. This stock is trading up 1.1% at $27.54 in recent trading.
Today's Volume: 1.76 millionAverage Volume: 1.61 million Volume % Change: 76% >>5 Stocks Hedge Funds Love -- and So Should You From a technical perspective, LM is bouncing modestly higher here right above some near-term support at $27 with above-average volume. This stock has been uptrending strong for the last four months, with shares moving higher from its low of $23.78 to its recent high of $28.52. During that move, shares of LM have been consistently making higher lows and higher highs, which is bullish technical price action. That move has now pushed shares of LM within range of triggering a major breakout trade. That trade will hit if LM manages to take out some key overhead resistance levels at $28.52 to $29.10 with high volume. Traders should now look for long-biased trades in LM as long as it's trending above today's low of $27.10, and then once it sustains a move or close above those breakout levels with volume that hits near or above 1.61 million shares. If that breakout hits soon, then LM will set up to re-test or possibly take out its next major overhead resistance levels at $32 to $33.56.
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