Booker Group is trading in a bullish trend and several arguments are in favor of the continuation of this trend.

The economic and financial situation of the company is still strong. The leading food wholesaler published revenue up 13.6% for the first quarter of the fiscal year. Estimated sales from Thomson Reuters consensus are encouraging. Furthermore, the group remains attractive as shown by a "EV/sales" ratio estimated at 0.46x for 2014.

Technical patterns are in the green: prices are up for several months. The movement should continue in the coming trading sessions. The 20-week moving average should help to reach the GBp 132 mid-term resistance. This threshold exceeded, a bullish signal could lead the stock toward the upper range of the bullish channel around GBp 140.

Therefore, taking into account the strong fundamentals and technical patterns, it seems opportune to take a long position on crossing the GBp 132 level in order to benefit from a new impetus. The first target price is the GBp 140 resistance. A breakout of this level will be a new bullish signal for higher target price. A stop loss will be placed under the GBp 130 short term resistance, threshold that would invalidate this trading strategy.