Our last target price (GBp 779), we set on 23 May, has been reached. We are now back on the stock.

From a fundamental viewpoint, the group is in a good financial situation. Sales have increased by 19.4% on the current year, with a net margin of 9.6%. Analysts widely revised upward in recent times their earnings per share estimates, which is a reliable indicator reflecting the company's health.

The trend is bullish in the medium and long term as shown by the upward orientation of weekly moving averages. Nonetheless, prices did not manage to break out the GBp 778.5 resistance, despite several attempts. Thanks to the support of moving averages and a bullish trend line, we expect the stock to break the GBp 778.5 resistance in the coming trading sessions, in order to reach GBp 830.

Therefore, investors could take a long position in Bovis Homes Group, at the current price. The first objective will be GBp 830. A stop loss must be placed below the GBp 765 pivot point.