B&M European Value Retail S.A. : The GBp 278.5 area for a technical rebound
By Etienne Veber
Entry price | Target | Stop-loss | Potential |
---|---|---|---|
GBX 279 | GBX 0 | GBX 271.4 | -100% |
Analysts have revised slightly upward their sales forecasts of the company.
After several weeks of a downward movement, the stock is coming back close on a pertinent support and a trend-line. These levels should stop the bearish trend in the next trading sessions.
Moving averages are downward oriented and technical indicators illustrate the oversold situation. The GBp 278.5 area could cause a positive reaction for the coming trading sessions and allow a technical rebound towards the GBp 300 mid-term resistance and then the mid-term target price is GBp 319.2.
In consequence, a long trade should be open in the current price area in order to aim the GBp 300. The stop-loss will be triggered at GBp 271.4.