Berkeley Group: faces a major resistance

Property developer profit declined in first half

Trader 2

Berkeley Group posted first half profit before tax down 16.6% to 231 million pounds on revenue down 3.8% to 896 million pounds. The company expects full year profit to be flat.

From a chartist point of view, the stock opened with a bearish gap below a major resistance at 4900. Regarding technical indicators, the RSI shows signs of weakness. Therefore, below 4900, readers should consider a new down leg towards next supports at 4570 and 4340 in extension.

Source: TradingView, GAIN Capital

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