Chart of the Day: Moneysupermarket

I have to admit, the irritation factor associated with Moneysupermarket advertisements make it almost impossible to deliver an objective appraisal of the company. For this reason, there is always the charting perspective…

Moneysupermarket.com  (MONY): Downside Gaps Threaten 200p

Perhaps one of those companies of whom the bears have been prowling for so long looking for a kill, that they may have actually given up. However, it would appear that in the wake of the Brexit vote there may finally be an opportunity to short this situation. This is especially the case in the wake of the latest negative attention with regard to the company from Barclays who have downgraded the price comparison website to ‘equalweight’ from ‘overweight’ and given it a 260p target from 390p. While this seems to be something of a post-referendum knee jerk reaction, the daily chart shows two unfilled gaps to the downside in the past month. This suggests plenty of negative momentum. Provided there is no end of day close back above the 10 day moving average at 270p, a probe to a December support line projection at 200p looms over the next month.