Tate & Lyle plc : Technical rebound after double top
By Oscar Salza
Entry price | Target | Stop-loss | Potential |
---|---|---|---|
GBX 644 | GBX 0 | GBX 630.2 | -100% |
At current price the share is trading 12 time FY earnings estimates. This value seems correct compared to its peer. In add with a ratio “EV/turnover” of 1, the company shows strong financial ratios.
Graphically after a double top on GBp 678 level, the share is reaching GBp 644 area. Moving averages at 20 and 50 days are flat. The pivot point of GBp 644 could plays as stepping stone in order to aim for the third time in less of two months the level of GBp 678. If this level is crossed then a higher target will be set up at GBp 700. The stop loss will be placed at GBp 630.