Bellway is trading in a bullish trend and several arguments are in favor of the continuation of this trend.
The company’s fundamentals are still strong. Analysts from Thomson Reuters consensus have revised largely upward their EPS estimates.
Technical patterns are in the green: prices are up for several months. The movement should continue in the coming trading sessions. The 20-day moving average help to avoid any reversal and the GBp 1690 resistance are in line of sight.
Therefore, taking into account the strong fundamentals and technical patterns, it seems opportune to take a long position at the current price. The first target price is the GBp 1625 resistance. A breakout of this level will be a new bullish signal for higher target price around GBp 1690. A stop loss will be placed at GBP 1470.
On October 22, 2013, 4-Traders' team had a long position of 280 Bellway' stocks, in its European Portfolio, bought at GBp 1270 on June 3, 2013.
Bellway p.l.c. is a United Kingdom-based home construction company engaged in the building and selling of homes, ranging from one-bedroom apartments up to six-bedroom family homes, as well as providing social housing-to-housing associations. The Company operates into approximately 21 divisions, covering centers across England, Scotland and Wales. The Company's brands include Bellway, Ashberry brand and Bellway London. Bellway brand is engaged in building quality homes in selected locations inspired by the needs of families. Ashberry brand is used on larger sites, where the site layout and market demand justify two selling outlets. The Bellway London brand covers all their developments in London boroughs and commuter towns. Its properties range from one-bedroom apartments to four-bedroom houses. The Company's subsidiaries include Bellway Homes Limited, Bellway Housing Trust Limited, Bellway Properties Limited, Bellway (Services) Limited and Litrose Investments Limited.
BELLWAY P.L.C. 
