Ashtead Group plc : A sound fundamental and technical situation
Entry price | Target | Stop-loss | Potential |
---|
GBX 1,043 |
GBX 0 |
GBX 990 |
-100% |
---|
Ashtead group shares are likley to rally again.
The company displays sound financials, with an attractive valuation and a strong profitability. Analysts covering the stock are constantly revising upward their EPS and revenue forecasts, as well as their target price which is set at GBp 1200 on average.
Technically, the stock evolves in a bullish trend, inside an upward channel. Prices fell sharply on contact with the GBp 1182 resistance. They are back now on the GBp 1027 mid-term support, threshold that proved its relevance several times. Moving averages positively oriented on both weekly and daily data should support the technical rebound.
Therefore, it seems opportune to open a long position on the security to target the GBp 1182 resistance. A stop loss will be placed under the current support to protect the position.
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