STOP LOSS 570p TARGET 800p
Is Shire in a range or has it formed a triple bottom below 500p? That is the question. The really noticeable feature of Shire is the way that it has broken the near term resistance at 550p. However, even the FTSE 100 broken its 2 year downtrend in February at 5,200 and we all know what happened just a few months later. Nevertheless, the break of last month’s highs just under 600p has to be seen as bullish and therefore while we remain above the August 13th low of 570p, look for a minimum retest of June highs near 660p, which could lead to the major pre-February support area at 800p after that.
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