William Hill : Approaching an important resistance level
By Alexis Peyrard
Entry price | Target | Stop-loss | Potential |
---|---|---|---|
GBX 355.1 | GBX 336 | GBX 370.6 | +5.38% |
Technically, after our successful strategy of 2014 May 2, the stock has rebounded and is now approaching the GBp 362 resistance. This level should stop the price progression as it did last time and the stock should enter into a consolidation phase towards GBp 336. Moving averages orientation still support this idea.
Therefore, a short position could be taken close to GBp 362 with a target set at GBp 336 and GBp 320 in extension. Nonetheless, a stop loss will be place over the resistance currently tested in case of a bullish overflow.