BEN attacking major resistance area, jumps over 30d MABEN (Franklin Resources) in early trading today has jumped over its 30 day SMA, for the first time since late March. A 3.5% rise in the stock also bring it to a major resistance zone between 23.30 and 23.85. Currently trading slightly below at 23.22, but with a lot of momentum, it is possible we'll see BEN consolidate at this level and gather strength to push through.
Above 23.85, the next major resistance band awaits between 24.40 and 24.86. With earnings reported in around 2 weeks, there could be the impetus needed to move into the higher 20s that have proved themselves to be a massive resistance for over 2 years. On the lower side, BEN is well supported in the area between 21 and 22.