Today’s instrument is the J Sainsbury Plc. stock traded in the LSE exchange under the ticker SBRY.
When we look at the SBRY chart, we can see it reaching as high as £285 on January 7th but not managing to hold on and consolidate its gains it fell to £276 where it formed a support level, enabling the steady rebound and climb towards the previous levels in the £280 range, consolidating nicely. At market open today it opened with a gap up and reached as high as £288 in the first 15mins, possibly due to anticipation of the Q4 earnings report. It was last found trading at £287.
Today we could expect a move above the £288 possibly in the £295 range.
If however, it doesn’t manage to hold the current level, then a case for a move towards the £282 level could be expected.
(Click on image to enlarge)
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