Wm Morrison Supermarkets : Technical rebound on the trendline
By Etienne Veber
Entry price | Target | Stop-loss | Potential |
---|---|---|---|
GBX 266.7 | GBX 0 | GBX 254.7 | -100% |
Technically, the security fell sharply for several weeks. This fall has lead Wm. Morrison Supermarkets towards the GBp 266 pivot point and trend-line. This area could become useful as a stepping stone for a technical rebound.
The target of this bullish trend is the GBp 274.8 resistance at first. Even though moving averages are still in a bearish trend, the oversold situation could encourage a renewed interest in Wm. Morrison Supermarkets.
The trading strategy can benefit from the proximity of the strong trendline currently tested in order to buy Wm. Morrison Supermarkets in a good timing. The potential gain is over 3.5%. Investors might placed a stop loss order at GBp 263.8 in order to avoid important losses.