Smith & Nephew Plc : Lower limit of a trading channel
Entry price | Target | Stop-loss | Potential |
---|
GBX 766 |
GBX 0 |
GBX 749 |
-100% |
---|
Smith & Nephew' stock is well oriented since the beginning of 2012. We expect that ascension to continue.
Indeed, the latter is very healthy because of the upward orientation of weekly moving averages and the regular technical corrections, necessary for the continuation of the uptrend. A bullish trading channel strengthen the upward movement and the proximity of the lower limit of the latter, combined with the 100 day moving average, represents a prefect stepping stone in order to bounce towards GBp 800.
Thus, a long position can be opened at the current price, with GBp 800 in line of sight. A stop loss must be placed below the GBp 760, corresponding to the trend line.
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