The GBp 1402 support, currently tested, should allow Petrofac to rally again.

According to Surperformance rating, the company is an opportunity for a trading strategy. Indeed, it is a good compromise between its value and its visibility.

Technically, the security is in a negative configuration in the short term as the bearish trend of 20-day moving average, currently at GBp 1585, shows. Nevertheless, technical indicators shows that the stock is in an oversold situation, because of the 10% decrease in the last trading sessions, and is near to its GBp 1402 support in daily data. This level might stop the bearish trend in the short term.

So as to make the most of a potential technical rebound of Petrofac, it seems opportune to take a long position at the current price. A confirmation of this pattern would enable the security to reach the GBp 1572 resistance. Investors should not insist under GBp 1402 and are better to place a stop loss order under this threshold.