British American Tobacco: range-bound trading strategy
Nicolas Suiffet December 9, 2020 7:44 AM
British American Tobacco, the cigarettes manufacturer, said in its 2H trading update that constant currency adjusted revenue growth is now estimated to be at the high end of the 1-3% range.
British American Tobacco, the cigarettes manufacturer, said in its 2H trading update that constant currency adjusted revenue growth is now estimated to be at the high end of the 1-3% range, and a mid-single figure constant currency adjusted diluted EPS growth is expected.
From a chartist point of view, the stock price has landed on a technical support at the lower end of the short term trading range (2335p) and may post a rebound thanks to the upside breakout of an intermediary declining trend line. The daily RSI (14) is gaining upward momentum (> 50%). Readers may want to consider the potential for opening Long positions above the support level at 2335p with 3560p as target (upper end of the trading range). Caution: a break below 2335p would call for a reversal down trend.
Source: TradingView, Gain Capital
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