Marks & Spencer : cut jobs ; close from a key technical resistance

The retailer gains some ground following job cuts and trading update.

Downtrend 2

Marks & Spencer announced 7,000 job cuts worldwide in the next three months due to the COVID-19 pandemic. However, for the last 13 weeks, the company reported a 2.5% increase food sales, or 11% in an organic basis, beating its own forecasts

From a technical point of view, the current rebound would likely be limited by the key technical resistance at 123, drawn since Mid-March. Below that level, a new down leg would be anticipated towards 103.7 and then 92.5.

Source : TradingVIEW, Gain Capital

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