Admiral Group plc : GBp 1195 as a pertinent support
Entry price | Target | Stop-loss | Potential |
---|
GBX 1,212 |
GBX 0 |
GBX 1,180 |
-100% |
---|
Admiral Group shows relatively strong fundamentals and is coming back to attractive price.
The security follows a downward trend in the short term, under the GBp 1235 resistance area. The trend is bearish also in the mid-term. However, the selling pressure could run out of steam soon. Indeed, whereas the stock shows an oversold condition, the GBp 1195 support area currently tested has stopped the bearish trend in the short term and will help a technical rebound.
Therefore, the proximity of the GBp 1195 support is an opportunity to take a long position in Admiral Group. The first goal is a return in the GBp 1288 resistance area, that is a potential of 5%. In fact, the security has to cross this area in order to re-establish a bullish trend in the mid term. A stop loss order can be placed under the support currently tested.
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