The upward trend seems to be running out of steam. The downward trend could recover.

From a fundamental viewpoint, sales are expected to stay flat for the next two years. Moreover, due to margin degradation, EPS are estimated to decrease by 19% in 2014 compared to 2013.

Graphically, the share just ended its period of technical rebound that allowed it to reach the GBp 482 mid-term resistance. This area could trigger a sell signal for investors in case of profit-taking. Moreover, the GBp 482 resistance act in the short and long term viewpoint which reinforce its legitimacy.

Therefore, the proximity of the mid-term resistance suggests a consolidation or a correction phase in the coming sessions. The most offensive will open a short position at current prices to target a return on the GBp 452 support. Positions should be protected with a stop loss set above GBp 482.