In the past few sessions, Intertek Group' shares have suffered from a sharp fall and is now coming back on significant level support.
Technically, even if daily moving averages are in a downtrend the medium and long term trend remains bullish. The stock is now back the GBp 3,015 support, corresponding to the 50-week moving average. Thus, prices may come back to the bullish back trend and reach GBp 3,256 in a first time.
Therefore, the proximity of the GBp 3,015 support is an opportunity to take a long position in Intertek Group. The first goal is a return in the GBp 3,256 resistance area, that is a potential of 5.5 %. In fact, the security has to cross this area in order to re-establish a bullish trend in the short term and reach GBp 3,454. A stop loss order can be placed under the support currently tested.
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Intertek Group plc is one of the world's leading groups specializing in analysis, control and certification of products and systems. Net sales break down by activity as follows:
- control and certification services for consumer goods (63.4%): textiles, footwear, toys, stationery, household appliances, consumer electronics, information and communication technology products, and products from the automotive, aerospace, lighting, construction, renewable energy and healthcare industries. Also, the group is developing an activity to monitor the certification of international standards;
- development of quality assurance solutions for the industry and infrastructures (25.9%): for the supply chain in the building and construction, renewable energies, oil and gas, petrochemicals, minerals and other industries;
- cargo inspection, analytical evaluation, calibration and technical services to the oil and biofuels industries (21.9%);
- monitoring and assessment of petroleum and agricultural products (19.9%). Besides, Intertek Group plc offers inspection services to government system and regulators to support commercial activities, contributing to the movement of goods across borders.
At the end of 2023, the group operated more than 1,000 inspection offices and laboratories in the world.
Net sales are distributed geographically as follows: the United Kingdom (6.5%), the United States (30.7%), China and Hong Kong (17.8%), Australia (5.3) and other (39.7%).