Wood Group - Corrective move higher expected.
Buy Wood Group (WG.L)
John Wood Group PLC is a United Kingdom-based energy services company. The Company provides a range of engineering, production support, maintenance management and industrial gas turbine overhaul and repair services to the oil and gas and power generation industries.
Market Cap: £2.3Billion
The long-term trend does not paint the best of pictures for Wood Group but there are some signs of the bearish momentum stalling. A few hammer candles have formed around support at 326p. The large bullish candle that has formed today looks set to burst through resistance at 362.5p. There is potential for a recovery move towards 510p over the medium term.
Stop: 334p
Target 1: 400p
Target 2: 510p
Target 3: 600p
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John Wood Group PLC is a United Kingdom-based energy services company. The Company provides a range of engineering, production support, maintenance management and industrial gas turbine overhaul and repair services to the oil and gas and power generation industries.
Market Cap: £2.3Billion
The long-term trend does not paint the best of pictures for Wood Group but there are some signs of the bearish momentum stalling. A few hammer candles have formed around support at 326p. The large bullish candle that has formed today looks set to burst through resistance at 362.5p. There is potential for a recovery move towards 510p over the medium term.
Stop: 334p
Target 1: 400p
Target 2: 510p
Target 3: 600p
Interested in UK Stocks?
Join our free Telegram channel for up to date analysis on the best main market opportunities in the UK right now - t.me/UK_Stocks