Tyman plc : The GBp 276.25 being tested
By Etienne Veber
Entry price | Target | Stop-loss | Potential |
---|---|---|---|
GBX 293 | GBX 0 | GBX 283.6 | -100% |
As evidenced by the analysts forecasts, the company has growth characteristics concerning revenues and earnings. They are also optimistic on their target prices
with an average at Gbp 371 (current price GBp 293).
Technically, in daily data, even if moving averages are still in a downtrend, a positive reaction in the GBp 290.2 area should stop this trend and allow a technical rebound towards GBp 313.8. Moreover, technical indicators show an oversold condition which strengthens this bullish scenario.
Therefore, the proximity of the GBp 290.2 support is an opportunity to open a long position on Tyman. The first goal is a return near the GBp 313.75 resistance area, that is a potential of 7.1%. 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.