Millennium & Copthorne Hotels plc : The GBp 455.4 support area is tested
Entry price | Target | Stop-loss | Potential |
---|---|---|---|
GBX 468 | GBX 0 | GBX 437.6 | -100% |
Technically, the security fell sharply for several trading sessions. This fall has lead Millennium & Copthorne Hotels towards the GBp 455.4 support area which could become useful as a stepping stone for a technical rebound. The target of this bullish trend is the GBp 491 resistance. Even though moving averages are still in a bearish trend, the oversold situation could encourage a renewed interest.
So as to make the most of a potential technical rebound of share price, it seems opportune to take a long position at the current price. A confirmation of this pattern would enable the security to reach the GBp 518 resistance, with a potential gain of 10.7%. Investors should not insist under GBp 455.4 and are better to place a stop loss order under this threshold.