The GBp 1495 support, currently tested, should allow Victrex to initiate an upward movement.

The security follows a downward trend in the short term, under the GBp 1609 resistance area, but for some trading session the volatility has reduced. However, the selling pressure could run out of steam soon if a first buying movement is forming. Indeed, whereas the stock shows an oversold condition, the GBp 1495 support area currently tested might stop the bearish trend in the mid term.

Considering technical elements, it seems to be an appropriate timing to take immediately a long position in Victrex in order to benefit from the GBp 1495 support area. A first target price will be the GBp 1609 resistance, ie a potential of 4.4% and then GBp 1644. A stop loss order will be placed under the short-term support currently tested. Only a crossing of GBp 1609 would validate a bullish trend in order to aim a higher target price.