Bodycote plc : The bullish impetus is not depleted
January 29, 2013 at 02:13 pm IST
By
Entry price | Target | Stop-loss | Potential |
---|
GBX 466 |
GBX 530 |
GBX 469 |
+13.73% |
---|
Bodycote shows a strong performance for several trading sessions.
Since july 2012, the stock has initiated a sharp bullish trend mainly due to strong fundamentals. The move could be continued, supported by the 20-day moving average, and a return to its highest price levels is anticipated.
Exceeding the technical line at GBp 481.9 would point to ambitious upward targets. In this case, market participants could buy this stock with an initial target of GBp 530. If investors reduce long-side exposure for profit-taking, a bearish trend would happen below 20-day moving average.
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