Pershing Square Holdings : the bias remains bullish

The hedge fund is joining the FTSE 100 index

Trader 1

FTSE Russell, the global index provider, confirmed that Pershing Square Holdings will be joining the FTSE 100 Index as a result of the December 2020 quarterly review. In the rebalance, Homeserve will leave the FTSE 100 index and enter the FTSE 250 index. This decision will take effect from the start of trading on Monday, 21 December 2020.

From a chartist point of view, the stock trades above a bullish trend line drawn since March. Regarding technical indicators, the 50-day MA is positively oriented below prices while the RSI remains in bullish territory. Therefore, above 2200, readers should consider a new up leg towards Fibonacci targets at 2650 and 2875 in extension.

Source: TradingView, GAIN Capital

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