ICAP plc : Sellers pressure likely to dominate
Entry price | Target | Stop-loss | Potential |
---|
GBX 411.6 |
GBX 0 |
GBX 428 |
+100% |
---|
Indicators argue for a technical correction after the last bullish movement recorded in past sessions.
Month after month, EPS are revised downward. The same situation is visible on the revenues. Most of analysts are pesimistic on the stock and the average price is 10% below the current price.
Graphically, the share is in a period of technical rebound that allowed it to reach the GBp 425 mid-term resistance. This area could trigger a sell signal for investors in case of profit-taking. Furthermore, the rallying of the GBp 380.3 support area will be considered for upcoming sessions.
The technical configuration and fundamentals lead us to predict a consolidation phase, at least in the short term. The GBp 417/425 resistance area should play its full role and stop the upward trend initiated in the short term. Therefore, to take advantage of this technical correction, a short position may be opened in the current area to target GBp 380.3. In case of further acceleration, the stop loss will be triggered above the GBp 425.
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