andrew.berg

BEN descending triangle, potential breakdown

Singkat
NYSE:BEN   Franklin Resources, Inc.
This asset managment company was in strong uptrend since September 2013 from $45 and topped at $58.86.

That trend was broken with steep downside move. Stock found support at $50-51 area from one side and resistance zone at $54-55.

BEN was underperformer with $SPY just 2% off the highs. It means that if bounce scenario will come into play this range may resolve to downside. Recently, it have built Descending triangle.

Selling area is $52ish then $54
Target $51 then $50 and then mid $40ish area.

Penafian

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