Wm Morrison Supermarkets : An appropriate purchase level
Entry price | Target | Stop-loss | Potential |
---|
GBX 180.4 |
GBX 0 |
GBX 173.9 |
-100% |
---|
In the past trading sessions WM Morrison Supermarkets' share sharply fell but the stock is presently coming back to a significant support level.
WM Morrison Supermarkets is oversold and near to the GBp 177. This situation gives credit to a potential technical rebound. Thus, the stock could find new energy and would rise towards the next GBp 189 resistance.
Considering technical elements, it seems to be an appropriate timing to open immediately a long position in WM Morrison Supermarkets in order to benefit from the GBp 177 support area. A first target price will be the GBp 189.3 resistance, ie a potential of 4.9%.
A stop loss order will be placed under the short-term support currently tested. Only a crossing of GBp 189.3 would validate a bullish trend in order to aim a higher target price.
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