Hunting PLC : Benefit from the proximity of the support
Entry price | Target | Stop-loss | Potential |
---|
GBX 729.03 |
GBX 0 |
GBX 706.3 |
-100% |
---|
The GBp 726 support, currently tested, should allow Hunting to rally again.
Fundamentaly, Hunting has undeniable qualities. Analysts following the security set an average target price at GBP 868, which corresponds to a potential increase of 18% compared to current prices.
Technically, the security is in a negative configuration in the short term as the bearish trend of 20-day moving average, currently at GBp 790, shows. Nevertheless, the stock seems in an oversold situation, near to its GBp 726 support in daily data, because it was 9% down in the last trading sessions. This level might stop the bearish trend in the short term.
Therefore, the proximity of the GBp 726 support is an opportunity to take a long position in Hunting. The first goal is a return in the GBp 793 resistance area. In fact, the security has to cross this area in order to re-establish a bullish trend in the mid term. A stop loss order can be placed under the support currently tested.
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