Mytrah Energy Ltd : Anticipation of a bearish reversal
By Etienne Veber
Entry price | Target | Stop-loss | Potential |
---|---|---|---|
GBX 87 | GBX 0 | GBX 92.2 | +100% |
Graphically, the share is in a period of technical rebound that allowed it to reach the GBp 90.75 mid-term resistance. This area mean a profit-taking level than will then trigger a sell signal on the market. The main target of this scenario will be the GBp 78 mid-term support, corresponding to the 20 and 50-day moving averages.
Therefore, the proximity of mid-term resistance suggests a consolidation or a correction phase in the coming sessions. The most offensives will open a short position close to GBp 90.8 to target a return on the GBp 78 support. They should protect the trade with a stop-loss set above GBp 90.8.