Imperial Brands PLC : Anticipation of a bearish reversal
November 07, 2012 at 10:10 am
By
Entry price | Target | Stop-loss | Potential |
---|
GBX 2,425 |
GBX 0 |
GBX 2,475 |
+100% |
---|
Imperial Tobacco is close to stop his current technical recovery.
Graphically, the share is in a period of technical rebound that allowed it to reach the GBp 2430 mid-term resistance. This area could trigger a sell signal for investors in case of profit-taking. Furthermore, the rallying of the GBp 2340 support area will be considered for upcoming sessions.
The graphical configuration argues to establish a short position at the current price. The end of the technical rebound, the consolidation phase and overbought situation: Imperial Tobacco has all the characteristics for short selling. The first objective will be fixed near the GBp 2340 short term support and by extension the GBp 2250 area. This strategy should be protected by a stop loss above GBp 2430.
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