The security follows a downward trend in the short and mid-term, under the GBp 865 resistance area.
The trend is bearish , however, the selling pressure could soon run out of steam. Indeed, whereas the stock shows an oversold condition, the GBp 770.5 support area currently tested might stop the bearish trend in the short term.
Thanks to the technical pattern and Ricardo’s strong fundamentals, active investors can open long trades above GBp 770.5. The downside potential is limited and the timing seems perfect to benefit from a technical rebound.
The goals will be fixed at GBp 835 in a first time and then at GBp 865.
However, a bearish trend would regain the upper hand if the security crosses GBp 770.5.
Ricardo plc is a global strategic, environmental, and engineering consulting company. The Company operates through five segments: Energy and Environment (EE), Rail, Automotive and Industrial (A&I), Defense, and Performance Products (PP). The EE segment is engaged in the provision of environmental consultancy services to customers across the world. The Rail segment is a consultancy unit that provides technical advice and engineering services; and performs accredited assurance services. The A&I segment is engaged in the provision of engineering, strategic consulting, and design, development, and testing services, focused on hybrid and electric systems, electrification, engines, driveline and transmissions, testing, and vehicle engineering. The Defense segment provides engineering services, software, and products to customers in the United States defense market. The PP segment manufactures, assembles, and develops niche components, prototypes, and complex products.