Zak Mir on beaten up FTSE stocks…
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Beaten Up FTSE 100 Stocks:
While we may be presently be enjoying the FTSE 100 in recovery mode after the rebound from lows around 6,400 to start February, there are some stocks which have not enjoyed the bounce. Rolls Royce, Tate & Lyle and Centrica are all from unrelated sectors, but have all been hit badly by hard luck stories. What is worth looking at in relation to each of them is whether we can learn from their share price decline and profit now that they are at lower levels…
Rolls Royce (RR.): Unfilled Gap Down Through 200 Day Moving Average
Break of 200 day line leaves stock with new resistance at former August – October support towards 1,100p
Decline came after double failure at 50 day moving average now at 1,218p
Initial buying opportunity to target 1,100p on any dips towards April price channel floor at 1,000p
Tate & Lyle (TATE): Extended 200 Day Moving Average Failures Ahead Of Gap Down
Post November bull traps through both 50 day and 200 day moving averages
New resistance after gap down well below former October 730p support
Initial dead cat bounce possible at April price channel floor under 650p
Centrica (CNA): Rare Island Day Positive Reversal Signal
February 10th “hammer” off the floor of a falling April price channel may have called the low for shares of Centrica.
Floor of latest chart gap a decent end of day close stop loss
Initial upside to 50 day moving average at 326p, followed by April price channel top at 340p plus on 4-6 week timeframe.
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