Vodafone: continuation of the rebound?
Nicolas Suiffet May 12, 2020 4:15 AM
Vodafone posted a full-year pretax profit of 795 million euros that beat consensus estimates, compared with a loss of 2.61 billion euros a year earlier
Vodafone posted a full-year pretax profit of 795 million euros that beat consensus estimates, compared with a loss of 2.61 billion euros a year earlier. Group revenue grew by 3.0% to 45.0 billion euros, supported by improving commercial momentum in Europe.
From a technical perspective, the bullish gap opened this morning is going to help the stock price to escape from its short term consolidation channel. Prices pushed above the 50-day simple moving average for the first time since February.
A breakout confirmation of the channel would trigger a bullish acceleration towards the next resistance at 126p.
Alternatively, a break below 107.4p would call for a new down leg towards March 17th bottom at 92.75p.
Source: GAIN Capital, TradingView
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