Grainger plc : The bullish trend is not over
Entry price | Target | Stop-loss | Potential |
---|
GBX 228.1 |
GBX 0 |
GBX 219 |
-100% |
---|
The recent decrease on prices offer a good entry to take advantage of a strong bullish movement.
From a fundamental viewpoint, the company is strong and has a good Surperformance rating. Analysts are also very positive on the stock with a positive opinion in general. They also revised sharply upward EPS estimates for the coming fiscal year and that offer a good visibility on the business.
Technical patterns are in the green and prices are up for several months. After the recent correction, the upward movement should start again in the coming trading sessions. The 50-day moving average should help prices to reach the GBp 247 long term resistance. A crossing of this level would imply a new upward momentum through new highs.
Thus investors should take a long position at the current price in order to target GBp 247. A stop-loss should be placed at GBp 219.
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