WH Smith PLC : The GBp 935.5 support area is currently tested
By Alexis Peyrard
Entry price | Target | Stop-loss | Potential |
---|---|---|---|
GBX 1,019 | GBX 0 | GBX 977 | -100% |
Technically, the stock suffered from a consolidation movement after following a long term bullish trend. Thus, prices are back near the GBp 1008 support area which stopped their downward progression few trading days ago. Therefore, a rebound can be anticipated on this level with a new bullish dynamic on the equity.
Considering technical and fundamental elements, it seems to be an appropriate timing to immediately take a long position in WH Smith in order to benefit from the GBp 1008 support area. A first target price will be the GBp 1100 pivot point. A stop loss order will be placed under the entry point in case of further consolidation.