The GBp 356.6 support, currently tested, should allow Marks and Spencer to rally again.

Technically, in daily data, even if moving averages are still in a downtrend, a positive reaction in the GBp 356.6 area should stop this trend and allow a technical rebound towards GBp 392.5. Moreover, technical indicators show a significant oversold condition which strengthens this bullish scenario.

The accumulation phase of recent session is confirming by a lower volatility. In fact, the configuration could quickly take over an uptrend with the combination of all technical factors.
Most active investors could therefore open long trades to aim the GBp 392.5 ; the crossing of this level would open the way to new targets. However, the position needs to be protected by a stop-loss order below the GBp 356.6.