Intertek Group, listed on the London Stock Exchange, could breakout the GBp 3451 resistance in the short term and get out of a weekly trading range.
Regarding the fundamentals, company's sales have been regularly revised upward by the Thomson Reuters analysts consensus and so are EPS estimates.
Graphically, the security is up 10% since the 1st January. It seems able to continue this uptrend supported by 20 and 50-day moving averages and will soon test again the GBp 3450 short-term resistance. We anticipate a crossing of this level, given the upward orientation of the stock in the medium and long term. Above GBp 3450, a buy signal will be given.
Exceeding the technical line at GBp 3450 would point to ambitious upward targets. In this case, market participants could buy this stock with an initial target of GBp 3700. If investors reduce long-side exposure for profit-taking, a bearish trend would happen below GBp 3400 and so this strategy would be invalidated.
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