Approaching Support- Legg Mason

Published on Friday, 27 August 2010 05:16 Written by Christian Paolinetti

New York, August 27th (TradersHuddle.com) - Shares of Legg Mason, Inc. (NYSE:LM) are trading very close to calculated support at $25.02 with current price action closing at just $25.45 places the stock price near levels where traders will start paying attention.

Legg Mason, Inc. (NYSE:LM) 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.

Legg Mason's current stock range is defined by current calculated support defined at $25.02 and by the resistance level at $30.30, which should be used by traders planning their trades.

Traders wanting to establish a position should place close attention to Legg Mason's price action, and establish a position as close to support as possible, but only after buying materializes. Traders should understand that the resistance point at $30.30 might limit their upside, however if the stock breaks resistance, it could be a good point to add to the position.