In the past few sessions, Intertek Group' shares have suffered from a sharp fall and is now coming back on significant level support.
Technically, even if daily moving averages are in a downtrend the medium and long term trend remains bullish. The stock is now back the GBp 3,015 support, corresponding to the 50-week moving average. Thus, prices may come back to the bullish back trend and reach GBp 3,256 in a first time.
Therefore, the proximity of the GBp 3,015 support is an opportunity to take a long position in Intertek Group. The first goal is a return in the GBp 3,256 resistance area, that is a potential of 5.5 %. In fact, the security has to cross this area in order to re-establish a bullish trend in the short term and reach GBp 3,454. A stop loss order can be placed under the support currently tested.
Intertek Group plc is one of the world's leading groups specializing in analysis, control and certification of products and systems. Net sales break down by activity as follows:
- control and certification services for consumer goods (63.4%): including food, pharmaceuticals, textiles, beauty products, consumer electronics, toys, shoes, home appliances, cars. Also, the group is developing an activity to monitor the certification of international standards;
- monitoring and assessment of petroleum and agricultural products (19.9%). Besides, Intertek Group plc offers inspection services to government system and regulators to support commercial activities, contributing to the movement of goods across borders;
- development of quality assurance solutions (16.7%): for the supply chain of oil, gas, nuclear and mining industries.
At the end of 2022, the group operated more than 1,000 inspection offices and laboratories in the world.
Net sales are distributed geographically as follows: the United Kingdom (6.4%), the United States (30%), China and Hong Kong (18.5%), Australia (5.5) and other (39.6%).
INTERTEK GROUP PLC 
