Superdry plc : The GBp 1220 support is currently tested
By Etienne Veber
Entry price | Target | Stop-loss | Potential |
---|---|---|---|
GBX 1,264 | GBX 1,380 | GBX 1,195 | +9.18% |
The company benefit from strong fundamentals.
Technically, the security fell sharply for several weeks. This fall has lead Supergroup towards the GBp 1220 support area, which could become useful as a stepping stone for a technical rebound. The target of this bullish trend is the GBp 1380 resistance at first. Even though moving averages are still in a bearish trend, the oversold situation could encourage a renewed interest in the stock.
Considering technical and fundamental elements, it seems to be an appropriate timing to immediately open a long trade in Supergroup in order to benefit from the GBp 1220 support area.
A first target price will be the GBp 1380 resistance, ie a potential of 9%. A stop loss order will be placed under the mid-term support currently tested. Only a crossing of the GBp 1380 would validate a bullish trend in order to aim a higher target price.