Shares in distilling giant Diageo have been in a rising trend channel from January and are also underpinned by the 50-day moving average level at 1,540p, says Andrew Gibson at www.galvan.co.uk.
This blue-chip giant is probably headed above its yearly high at 1,614p, with a particularly likely looking target at 1,650p. Go long, placing a stop-loss at 1,650p.
City Trades are written by selected external contributors and are based on the interpretation of patterns on a share price chart, rather than on fundamental analysis of the company's business or prospects.
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