GBp 627 : A pertinent support
Entry price | Target | Stop-loss | Potential |
---|
£639.5 |
£0 |
£617 |
-100% |
---|
The GBp 627 support area, currently tested, might facilitate a technical rebound. The company’s fundamentals could validate this scenario.
Technically, in daily data, even if moving averages are still in a downtrend, a positive reaction in the GBp 627 area should stop this trend and allow a technical rebound towards GBp 667.5. Moreover, technical indicators show a significant oversold condition which strengthens this bullish scenario.
Therefore, the proximity of the GBp 627 support is an opportunity to take a long position in Hiscox. The first goal is a return in the GBp 667.5 resistance area, that is a potential of 4.8 %. 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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