After a blistering ascent that has taken its price up more than 50 per cent in nine months,
If the price closes below its 55-day moving average – currently 970p – traders should consider going short, placing a stop loss at 1040p. A drop to 850p could be on the cards. A bearish momentum reading for the first time since October supports this negative view.
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.