UNITE Group could start a technical downward movement after the rebound in recent sessions.

Graphically, the stock went through a period of rebound recently towards the GBp 450 medium-term resistance. The share should consolidate near this area, that proved its resilience while tested several times. It could act as a stopping point of the upward movement. This scenario suggests a return to the GBp 426.5 support which will be the bearish objective.

This strategy is based on the technical configuration of the stock. Investors can open a short position close to the GBp 450 resistance. The price target is set at GBp 426.5 and a stop loss will be placed above GBp 450, because a breakdown of this level suggests a bullish movement continuity.