Pressured from above by its daily Ichimoku cloud and the moving averages, the media sector looks vulnerable to further downside.
IC TIP:
Sell
Pattern analysis suggests a fall through the January lows at 3229, towards 3169 and possibly beyond. Potentially decent lateral support dating back to the 2002-03 period exists in the region of 3000. An end-of-March close below the monthly cloud at 3513 would deepen the gloom.
IC Trades are written by Investors Chronicle writers. City Trades are written by selected external contributors. Both are based on the interpretation of patterns on a share price chart, rather than on fundamental analysis of the company's business or prospects.
