Bunzl plc : We could expect a bullish reaction
Entry price | Target | Stop-loss | Potential |
---|---|---|---|
GBX 1,009 | GBX 1,043 | GBX 963.5 | +3.37% |
After several weeks of horizontal fluctuations within the mid-term range GBp 990/1074, the stock is coming back close to the lower limit of the range. Moving averages are flat and technical indicators illustrate the oversold situation. The GBp 990 area could cause a positive reaction for the coming trading sessions and allow a technical rebound towards the GBp 1045 mid-term resistance and then the long-term target price is GBp 1075.
The trading strategy can benefit from the proximity of the strong support currently tested in order to buy Bunzl in a good timing. Investors might placed a stop loss order at GBp 960.3 in order to avoid important losses.