The upward trend seems to be running out of steam. The downward trend could recover.

The financial situation remains difficult with a negative EBITDA for 2013 and also for 2014 forecasts. The BNA was early revised at 0.89 from 2014 against 1.11 there is 12 months ago.

From a technical viewpoint, the proximity of the GBp 531.5 medium-term resistance limits the upside potential on the stock. The uptrend in the short term could be stopped by this level and prices could decrease sharply in the coming sessions. Technical indicators also show an overbought situation that reinforces this bearish scenario. Thus, there is a higher downside potential than upside.

Therefore, the proximity of the mid-term resistance suggests a consolidation or a correction phase in the coming sessions. The most offensive investors will open a short position close to GBp 531.5 to target a return on the GBp 505 support. It's important to protect the position with a stop loss set above GBp 531.5.