FTSE: The Long And Short Of It: EasyJet, Compass, Hiscox
City Index | Nov 26, 2019 01:26AM ET
EasyJet CFD/DFT (LON:EZJ): A strong bullish trend has been developing with a timely series of higher lows. A bullish engulfing candle marks a prominent swing low at 1246.50, and the 20-day eMA is providing dynamic support. Prices are now consolidating beneath key resistance at 1367.50 and we’re watching to see if prices break higher.
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Compass Group CFD/DFT (LON:CPG): An ABC corrective pattern appears to have competed around 1900. Stopping just shy of the 38.2% Fibonacci ratio and 200-day eMA, momentum now realigning with the longer-term, bullish trend. A new range is being carved out between 2000 – 2084 and prices have rebounded from the 100-day eMA.
Hiscox Ltd (LON:HSX) CFD/DFT: Arguably a little premature following such a large drop, but prices are consolidating within a potential dead cat bounce pattern. A dark cloud cover reversal and bearish hammer have formed to show resistance at 1300 although we’d continue to monitor for a potential short whilst prices consolidate beneath 1350 (near the 38.2% Fibonacci levels).
Price Action Update
Next PLC (LON:NXT) CFD/DFT: After breaking out and retesting the corrective channel, prices have rallied and stopped just shy of the record highs. From here, we’d either want to see prices consolidate ahead of a breakout, or if it trades directly higher, enter after a period of consolidation.
Vesuvius PLC (LON:VSVS) CFD/DFT: This is still on the short watchlist as it didn’t break support around 408. However, it’s pulled back to its long-term bearish trendline and the 61.8% resistance level. Still, if bearish momentum returns then we’d still prefer short opportunities, whereas a break above 444 removes it from the watchlist.
Unite Group PLC (LON:UTG) CFD/DFT: Initial target achieved and exceeded. After breaking to record highs, price retraced and confirmed support around 1180. Near-term bias remains bullish above 1180 and bearish below. Given the strength of the underlying trend, we’d continue to monitor for potential longs whilst prices hold above 1100.
Man Group PLC (LON:EMG) CFD/DFT: 140 proved too strong a level to break and a momentum shift has occurred at the lows. With near-term momentum favouring the bulls, this has been removed from the watchlist.
Greggs PLC (LON:GRG) CFD/DFT: Ultimately, we’re waiting for a break above key resistance at 2146 but have noted that a potential bull flag is now forming above 2000. If bearish momentum takes it below the 1950-2000 area it will be removed from the watchlist.
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