Morgan Advanced Materials plc : The GBp 278.8 support as argument
By Etienne Veber
Entry price | Target | Stop-loss | Potential |
---|---|---|---|
GBX 280.2 | GBX 0 | GBX 271.9 | -100% |
The stock is currently oversold and is trading in a mid-term bearish trend. In the short term, this trend should reversed after contact with the GBp 278.8 area. Morgan Advanced Materials should be able to confirm its rebound in further sessions. This support means a trading opportunity in order to anticipate a technical rebound toward GBp 292.5 and by extension toward GBp 308.9.
Therefore, it seems opportune to open a long trade on Morgan Advanced Materials at current prices. A confirmation of this pattern would enable the security to reach the GBp 308.9 resistance, so a potential gain of around 10%. Investors should not insist below the GBp 278.8 and a stop-loss order should be placed under this threshold (at GBp 271.9).