Legg Mason $LM Technical Update – Stock Traders Daily

This post was originally published on this site

Legg Mason $LM Technical Update

The Legg Mason (NYSE: LM) update and the technical summary table below can help you manage risk and optimize returns. We have day, swing, and longer-term trading plans for LM, and 1300 other stocks too, updated in real time for our trial subscribers. The data below is a snapshot, but updates are available now.

Review the Trading Plans:

Technical Summary

Term → Near Mid Long
Bias Weak Neutral Neutral
P1 30.54 29.79 28.93
P2 31.04 31.06 32.02
P3 31.72 32.46 35.03

Long Term Trading Plans for LM

September 6, 2018, 9:00 pm ET

The Technical Summary and Trading Plans for LM help you determine where to buy, sell, and set risk controls. The data is best used in conjunction with our Market Analysis and Stock Correlation Filters too, because those help us go with the flow of the market as well. Going with the flow is extremely important, so review our Market Analysis with this LM Report.

LM – (Long) Support Plan

Buy over 28.93 target 32.02 stop loss @ 28.67.
The technical summary data tells us to buy LM near 28.93 with an upside target of 32.02. This data also tells us to set a stop loss @ 28.67 to protect against excessive loss in case the stock begins to move against the trade. 28.93 is the first level of support below 30.8 , and by rule, any test of support is a buy signal. In this case, support 28.93 would be being tested, so a buy signal would exist.

LM – (Short) Resistance Plan

Short under 32.02 target 28.93 stop loss @ 32.28.
The technical summary data is suggesting a short of LM as it gets near 32.02 with a downside target of 28.93. We should have a stop loss in place at 32.28 though. 32.02 is the first level of resistance above 30.8, and by rule, any test of resistance is a short signal. In this case, if resistance 32.02 is being tested, so a short signal would exist.

This post was originally published on *this site*