Jupiter Fund Management Plc : A technical correction is coming
Entry price | Target | Stop-loss | Potential |
---|
GBX 473.5 |
GBX 0 |
GBX 480.2 |
+100% |
---|
The upward trend seems to be running out of steam near the daily resistance. The downward trend could recover.
After a substantial upturn, the stock now approaches the resistance of the GBp 475.1, fact that could reverse the tendency. This level has been tested many times this year and every-time has been followed by a downward movement.
In addition, a high RSI indicator should entice a marked fall toward the short term GBp 454.5 support.
Due to the technical configuration, investors can open a short trade at current prices (close to the GBp 475.1 resistance). The price target is set at GBp 454.5 and a stop loss will be placed above the resistance (at GBp 480.2).
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