Cineworld (CINE): 650p technical target projected

One might have thought that the irritation of listening to noisy snacks being consumed, sitting behind people with big heads, or just being coughed/sneezed on would all diminish the attractions of Cineworld. But apparently this is not the case.

By rights one might have thought that a company like Cineworld was heading for the same destination as video/film hire group Blockbuster. However, it seems to be the case that this lo-fi version of Netflix is actually going from strength to strength. This is true despite the questionable delights of sitting in the dark with a couple of hundred restive fellow movie goers, and what if you add a drink and a snack can be a rather expensive (for a humble writer) night out.

Nevertheless, the company has been reporting good growth in both the UK and Poland, and with the upcoming introduction of a VIP pass for its clients in Glasgow, the glamour and appeal of a night out at the flicks can only be enhanced.

On the daily chart we can see how it is possible to draw a rising trend channel in place from as long ago as the turn of the year. The floor of the channel currently runs level with the 200 day moving average at 543p, with the message being that provided there is no weekly close back below this feature one would be looking to a 2-3 months time frame target as high as 650p.