Marks & Spencer Group plc : In an oversold situation
Entry price | Target | Stop-loss | Potential |
---|
GBX 365.5 |
GBX 0 |
GBX 349.8 |
-100% |
---|
The GBp 356.6 support, currently tested, should allow Marks and Spencer to rally again.
Technically, in daily data, even if moving averages are still in a downtrend, a positive reaction in the GBp 356.6 area should stop this trend and allow a technical rebound towards GBp 392.5. Moreover, technical indicators show a significant oversold condition which strengthens this bullish scenario.
The accumulation phase of recent session is confirming by a lower volatility. In fact, the configuration could quickly take over an uptrend with the combination of all technical factors.
Most active investors could therefore open long trades to aim the GBp 392.5 ; the crossing of this level would open the way to new targets. However, the position needs to be protected by a stop-loss order below the GBp 356.6.
The content herein constitutes a general investment recommendation, prepared in accordance with provisions aimed at preventing market abuse by Surperformance, the publisher of MarketScreener.com. More specifically, this recommendation is based on factual elements and expresses a sincere, complete, and balanced opinion. It relies on internal or external data, considered reliable as of the date of their release. Nevertheless, this information, and the resulting recommendation, may contain inaccuracies, errors, or omissions, for which Surperformance cannot be held responsible. This recommendation, which in no way constitutes investment advice, may not be suitable for all investor profiles. The reader acknowledges and accepts that any investment in a financial instrument involves risks, for which they assume full responsibility, without recourse against Surperformance. Surperformance commits to disclosing any conflict of interest that may affect the objectivity of its recommendations.