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Trading Idea - Franklin Resources Breaking Out?

Published on Friday, 03 February 2012 08:20 Written by Danny Miller

New York, February 3rd (TradersHuddle.com) - Shares of Franklin Resources Inc. (NYSE:BEN) closed the trading session at $113.23 just above calculated resistance at $107.84 moving to what appears to be a new range, as this move will clearly raise the attention of momentum buyers.

Franklin Resources Inc. (NYSE:BEN) is an investment manager firm. The company provides its services to individuals, institutions, pension plans, trusts, and partnerships. It primarily manages families of equity, fixed income, and balanced mutual funds for its clients. The firm also provides retirement plans and separate account services.

Franklin Resources' stock was trading in a well defined range with support at $94.38 and resistance at $107.84, given that this range was broken traders will be closely monitoring the stock

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