AMEC share price was heavily penalized and is now in an oversold situation near to a solid support area.
According to Surperformance rating, the company is an opportunity for a trading strategy. Indeed, it is a good compromise between its value and its visibility.
Technically, the security is in a negative configuration in the short term as shown by the bearish trend of the 20-day moving average. Nevertheless, the stock seems in oversold situation and has rebounded on the GBp 965.5 level. This threshold might stop the bearish trend in the short term.
In this context, active investors can take a long position above GBp 965.5. The downside potential is limited and the timing seems perfect to benefit from a technical rebound. The target will be set at GBp 1020 in a first time and then at GBp 1050. However, a bearish trend would regain the upper hand if the security crosses GBp 965.5.
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