Barratt Developments shares boosted by cautious optimism
Nicolas Suiffet September 2, 2020 4:28 AM
Barratt Developments, a residential property development company, posted full-year profit before tax dropped 45.9% on year to 492 million pounds on revenue of 3.42 billion pounds, down 28.2%.
Barratt Developments, a residential property development company, posted full-year profit before tax dropped 45.9% on year to 492 million pounds on revenue of 3.42 billion pounds, down 28.2%. The company proposed a dividend of 39.4p per share, down from 73.2p per share in the prior year.
From a chartist’s point of view, the stock price remains stuck in low volatile trading range since May 2020. Bollinger bands are narrowing indicating a lack of momentum in the short term. The medium term trend remains bearish as long as the key resistance zone 611.2p – 645p is not bypassed. A slight recovery cannot be ruled out. Readers may want to consider the potential for opening short positions below the resistance zone 611.2p – 645p with 450p and 380p as targets. Alternatively, a push above the congestion zone 611.2 – 645 would call for a reversal up trend and would open a path to see 800p.
Source: GAIN Capital, TradingView
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