Pennon Group: Key resistance at 1100p

Pennon Group, a water utility and waste management company, reported that 1H adjusted EPS dropped 10.9% on year to 17.9p.

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Pennon Group, a water utility and waste management company, reported that 1H adjusted EPS dropped 10.9% on year to 17.9p and underlying EBITDA fell 8.9% to 175 million pounds on revenue of 320 million pounds, down 1.9%. The company proposed a dividend of 6.77p per share, down from 13.66p per share in the prior-year period.

From a chartist point of view, the stock price struck against a key horizontal threshold at 1100p and is reversing down. A breakout of the consolidation range would open a path to see next support at 922p. Only a push above 1100p would reinstate a bullish bias and would call for a quick rise towards 1210p

Source: GAIN Capital, TradingView

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