The GBp 274.4 support, currently tested, should allow Mitie Group to rally again.

From a fundamental viewpoint, the company seems undervalued relatively to its peers with a EV/Sales of 0.49.
However, analysts have revised slightly downward their earnings forecasts.
With an EPS estimated at 23.32 GBp for this year and 25.31 GBp for the next one, Mitie Group is currently paid 11.97 and 11 times the results.

Technically, the security is in a negative configuration in the short term as the bearish trend of 20-day moving average, currently at GBp 291, shows. Nevertheless, the stock seems in an oversold situation and has begun a technical rebound on the GBp 275. The current breakout of the trendline will help to confirm this rebound with the GBp 298 as a main target.

Considering technical and fundamental elements, it seems to be an appropriate timing to immediately open a long position in Mitie Group in order to benefit from the GBp 274.4 support area. A first target price will be the GBp 298.1 resistance, ie a potential of around 5%. A stop loss order will be placed at GBp 279.8.