adidas AG : Opportunity near a support

02/07/2013 | 03:35am Opinion : Bullish above 66.3 EUR Target price : 71 EUR Stop loss: 64.8 EUR

XETRA (ALLEMAGNE) Footwear

Adidas could regain its upward trend after having run out of steam.

The group enjoys upward revisions in earnings per share and growth prospects. Indeed, the Thomson Reuters consensus expect sales to grow for the fiscal year.

Following a bullish wave, the stock now shows a slight decline that should lead towards its EUR 66.3 medium-term support. On this level, remobilization of buyer flows would allow an uptrend in the medium and long term.

The decline observed in the short term offers an interesting entry point for a mid-term investment. Investors will take advantage of the current area to buy adidas. The objective will be set at EUR 71 and the stop loss will be triggered below the EUR 66.3 support.

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