Debenhams Plc : Still on bearish a momentum
By Alexis Peyrard
Entry price | Target | Stop-loss | Potential |
---|---|---|---|
GBX 72.85 | GBX 62.7 | GBX 75.2 | +13.93% |
Technically, the stock has been following a downtrend for several months. The share is now approaching an important support level that stopped the downward movement on several occasions. However, the poor fundamentals and the moving averages orientation call for a further correction of prices if they cross the GBp 72.3 support area.
Therefore, a short position could be taken under GBp 72.3 with a target set at GBp 63. Nonetheless, a stop loss will be place above the support level protecting from a bullish overflow.