You are here:

Tech view: Holidaybreak

Created:
25 April 2008
Written by:
Dominic Picarda

Negatively, Holidaybreak dropped through its monthly Ichimoku cloud in March, confirming its already obvious bear market.

Advertising

Help is potentially at hand, however. The bottom of its fourth wave correction coincides with important Fibonacci and Gann levels between 468p-447p. There is therefore the possibility of a significant reversal before long.

To support this notion, positive divergence has occurred on its daily and weekly relative strength indices, which often precedes some sort of turnaround.

Naturally, we want to see a reversal occur before changing our negative view of Holidaybreak. Failing a rally to above 590p and a breach of the daily cloud's top, investors should assume the downtrend is still in place.

If Holidaybreak fails to find support in the 468p-447p region, a drop to 335p is a distinct danger.

Back to this week's IC sell tip on Holidaybreak.

  • Back to top

Products and Services from Barclays Stockbrokers.

The UK’s No.1 Stockbroker

Stocks and Shares

Contracts for Difference

Financial Spread Trading

Gilts and Bonds

Funds Market

FX

Education Centre

Trading Simulator

Advertorial Feature

Take control of your investing with CFDs

Have you ever watched a move in the markets that you saw coming, but you weren't able to exploit?

by Dominic Picarda

Advertorial Feature

Spread your risks with spread trading

With so many big moves in the world's financial markets, there have seldom been more opportunities around for spread traders. Isn't it time you joined them?

by Dominic Picarda