The market liked yesterday’s report that total funds under management increased 5.2% in the June quarter.
However, the re rate was not enough to push the stock through chart resistance around $6.90. Naturally, fund management stocks love a bull market. Higher valuations mean higher management fees! So the chart resistance in BT Investment Management might be a useful indicator for whether the broader stock market is going to resume some decent upward momentum.
More drifting around by the overall market might see sellers come in again here. A push below yesterday’s low around $6.60 could herald another return to trend channel support and the 40 week moving average around $6.10
BT Investment Management Daily