Price has held £7.30 area for around 6 weeks during the very intense selling from world equities. This area represented a gap to be filled dating back to 2017.
There is a further gap lower for those hoping for an even better entry. It's possible the price could hit this area but increasingly unlikely given duration of support at £7.30 (obviously further pressure on equities incl. BREXIT could change this).
During the fall the price has also formed a descending wedge which is the main bull case. The positive close into the year end at £8.00 put pressure on the top of the wedge. Most technical indicators are exhausted to the sell side.
Upside targets are attractive. A break above £10 would be a significant step representing a break of the downward trend and also a rejection of the H&S formation consistent with many stock prices at the moment.
Targets £10, £14.40, £18.70
There is a further gap lower for those hoping for an even better entry. It's possible the price could hit this area but increasingly unlikely given duration of support at £7.30 (obviously further pressure on equities incl. BREXIT could change this).
During the fall the price has also formed a descending wedge which is the main bull case. The positive close into the year end at £8.00 put pressure on the top of the wedge. Most technical indicators are exhausted to the sell side.
Upside targets are attractive. A break above £10 would be a significant step representing a break of the downward trend and also a rejection of the H&S formation consistent with many stock prices at the moment.
Targets £10, £14.40, £18.70