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

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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

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