Man Group (EMG): Support At Last Above 200 Day Moving Average

PUBLISHED: Jan 08 2013 @ 12:14 | Comments (0) |

Man Group (LSE:EMG): Key Price Action Zone

Man Group features in my latest eBook Lessons From The Financial Markets For 2013 as an example of a Charting Nightmare, not only in terms of the plunge that the shares have suffered below 100p, but also on the basis of the umpteen false dawn rallies we have seen over recent months. Just to make these false moves appear more convincing they have either been accompanied by wrong M&A speculation or even more convincing by reported stakebuilding by Odey Asset Management.

All the while the trading range of roughly 70p – 100p has continued. So how can we be sure that on this occasion shares of Man Group will go up / stay up. The technicals help to some extent in the sense that we have now been treated to couple of days with support at and above the 200 day moving average at 84p. What is more the trend changing break above the 200 day line was through a line which is still falling, something which is only seen in the most bullish of situations. Therefore, it may be valid to pencil in a 100p plus target here, but once again to be wary of any break back below the 200 day line.

Man Group is a featured stock in Zak’s Amazon eBook bestseller, Lessons From The Financial Markets For 2013 which you can read by clicking here

free stock charts from uk.advfn.com

CLICK HERE TO REGISTER FOR FREE ON ADVFN, the world's leading stocks and shares information website, provides the private investor with all the latest high-tech trading tools and includes live price data streaming, stock quotes and the option to access 'Level 2' data on all of the world's key exchanges (LSE, NYSE, NASDAQ, Euronext etc).

Follow @zakmir

This area of the ADVFN.com site is for independent financial commentary. These blogs are provided by independent authors via a common carrier platform and do not represent the opinions of ADVFN Plc. ADVFN Plc does not monitor, approve, endorse or exert editorial control over these articles and does not therefore accept responsibility for or make any warranties in connection with or recommend that you or any third party rely on such information. The information available at ADVFN.com is for your general information and use and is not intended to address your particular requirements. In particular, the information does not constitute any form of advice or recommendation by ADVFN.COM and is not intended to be relied upon by users in making (or refraining from making) any investment decisions. Authors may or may not have positions in stocks that they are discussing but it should be considered very likely that their opinions are aligned with their trading and that they hold positions in companies, forex, commodities and other instruments they discuss.

Man Group Makes the Deal of the Day by Lou Gutheil