Marks & Spencer : cut jobs ; close from a key technical resistance
Jean-Christophe Rolland August 18, 2020 8:44 AM
The retailer gains some ground following job cuts and trading update.
Marks & Spencer announced 7,000 job cuts worldwide in the next three months due to the COVID-19 pandemic. However, for the last 13 weeks, the company reported a 2.5% increase food sales, or 11% in an organic basis, beating its own forecasts.
From a technical point of view, the current rebound would likely be limited by the key technical resistance at 123, drawn since Mid-March. Below that level, a new down leg would be anticipated towards 103.7 and then 92.5.
Source : TradingVIEW, Gain Capital
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