Oxford Instruments plc : The downward trend still dominates
By Etienne Veber
Entry price | Target | Stop-loss | Potential |
---|---|---|---|
GBX 675 | GBX 0 | GBX 714 | +100% |
From a technical viewpoint, the security is in a bearish trend in the long and mid-term, even if prices have increased in the short term. The current technical rebound has been stopped close to its GBp 686 resistance. Despite the breakout of 20-day moving average, prices should decrease soon because of the bearish trend in the long term.
The bearish trend and the GBp 686 resistance let think of a continuation of the downtrend in the GBp 516/686 trading range. The entry point could be fixed close to the GBp 686 resistance for getting short on Oxford Instruments. The target price will be the short-term support area at GBp 582.5 and a stop loss order must be placed above GBp 686.