After a steep rise of the past few weeks, LM
looks like it's making a short term correction. Based on a fibonacci retracement
, potential support presents itself at $42.72, leaving us with a risk/reward ratio of 2.64. Placing a stop at 44.26 limits our risk to $.39, making this a profitable opportunity.
Note, the 8 and 34 EMAs made a bearish
crossed last week, further validating the trade.