Taylor Wimpey remains confident in the strength of the UK housing market
Nicolas Suiffet November 9, 2020 9:29 AM
Taylor Wimpey shares jumped after the house building company said 2020 profit looks set to top forecasts
Taylor Wimpey shares jumped after the house building company said 2020 profit looks set to top forecasts.
From a chartist’s point of view, the stock price escaped from an inverted Head & Shoulders pattern and is now facing a challenging resistance near 140p. The daily RSI (14) is pushing above its horizontal resistance in place since March 2020. A price pullback towards the new support zone between 116.5p and 123.3p cannot be ruled out. A breakout confirmation of 140p would call for a rise towards 155.7p and 170.4p. Only a break below 116.5p would invalidate the bullish view and would open a path to see Sep 21 low at 98.1p.
Source: GAIN Capital, TradingView
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