The stock is actually leaving the rising wedge in order to concretize its downtrend.

Company fundamentals give signs of weakness. EPS and revenue are often revised down for 2013 and 2014. Incremental sales seem to have no positive incidence on operating and net margins.

Technical analysis suggests a bearish trend in the short term. Already a breakout of GBp 456.50 has lead prices down. Despite we anticipate a continuation of this movement, a breakout of the GBp 431.50 support will reinforce the strategy having as a first target the pivot point at GBp 396.80.

A short position should be taken once the stock price breaks the GBP 431.50 support. An initial target is the GBp 419.8 in order to continue until the main target at GBP 396.8. A stop loss is set around GBp 440.