Shire : The area of GBp 1739 might facilitate a technical rebound
November 01, 2012 at 03:59 am EDT
By
Entry price | Target | Stop-loss | Potential |
---|
GBX 1,743 |
GBX 0 |
GBX 1,690 |
-100% |
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The GBp 1739 support area, currently tested, might facilitate a technical rebound. The company’s fundamentals could validate this scenario.
Shire is oversold near GBp 1739 and this situation gives credit to a potential technical rebound. Thus, the stock could find new energy and would rise towards the next GBp 1870 resistance.
Therefore, the proximity of the GBp 1739 support is an opportunity to take a long position on the stock. The first goal is a return in the GBp 1794 resistance area, the security has to cross this area in order to re-establish a bullish trend in the short term to join the GBp 1870 resistance. A stop loss order can be placed under the support currently tested.
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