Unite Group plc : Anticipation of a bearish scenario
Entry price | Target | Stop-loss | Potential |
---|
GBX 446.6 |
GBX 0 |
GBX 459.9 |
+100% |
---|
UNITE Group could start a technical downward movement after the rebound in recent sessions.
Graphically, the stock went through a period of rebound recently towards the GBp 450 medium-term resistance. The share should consolidate near this area, that proved its resilience while tested several times. It could act as a stopping point of the upward movement. This scenario suggests a return to the GBp 426.5 support which will be the bearish objective.
This strategy is based on the technical configuration of the stock. Investors can open a short position close to the GBp 450 resistance. The price target is set at GBp 426.5 and a stop loss will be placed above GBp 450, because a breakdown of this level suggests a bullish movement continuity.
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