iAnneTrader
Long

LM on a bull wave up

NYSE:LM   LEGG MASON INC
LM reached a high of $140 in 2006 before plummeting to almost $10. Since then we have seen price bottom out (forming a cup and handle on the weekly chart) and begin a bullish wave up. During August and October a double bottom formation occurred - confirmed in November with a break of the neckline.

The weekly double bottom presented itself on the daily chart as a small consolidation - the 50ma was flat and price hovered around the $50 half-figure. This consolidation lasted over four months, but was not too deep so the breakout at the beginning of November was an early chance to buy into this stock.

The more cautious would want to wait for a small pullback. This occurred with the bullish flag confirmed yesterday (13th November). There is no resistance ahead for some time ahead ($80 is the next major pivot point ). Overall, a strong buy candidate for the watchlist.

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