Bodycote plc : The GBp 643 support area being tested
Entry price | Target | Stop-loss | Potential |
---|
GBX 664 |
GBX 0 |
GBX 637 |
-100% |
---|
Bodycote shows relatively strong fundamentals and is coming back to attractive prices.
Technically, in daily data, even if moving averages are still in a downtrend, a positive reaction in the GBp 643 area should stop this trend and allow a technical rebound towards GBp 711.5. Moreover, technical indicators show a significant oversold condition which strengthens this bullish scenario.
Therefore, the proximity of the GBp 643 support is an opportunity to open a long position in Bodycote. The first goal is a return in the GBp 711.5 resistance area, that is a potential of 7.2 %. In fact, the security has to cross this area in order to re-establish a bullish trend in the short term. A stop loss order can be placed under the support currently tested.
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