*Extract from client research note 01-June-2020.
In the short term, the market appears optimistic regarding potential value accretive opportunities arising from from the current COVID-19 property/retail casualties. Technically, the chart structure sees a consolidation phase in the form of a medium term sideways trading range and most recently a series of higher lows. This past week has seen four consecutive closes above the 8 and 21-day exponential moving averages with a sixth attempt to break above the 50-day EMA. Should we see a pullback, 12395c is a support level to monitor before a potential break above the consolidation zone.
In the short term, the market appears optimistic regarding potential value accretive opportunities arising from from the current COVID-19 property/retail casualties. Technically, the chart structure sees a consolidation phase in the form of a medium term sideways trading range and most recently a series of higher lows. This past week has seen four consecutive closes above the 8 and 21-day exponential moving averages with a sixth attempt to break above the 50-day EMA. Should we see a pullback, 12395c is a support level to monitor before a potential break above the consolidation zone.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.