FirstGroup chart shows an internal trend line

Feature image of stock market figures and indices
FirstGroup, a transport group, announced the sales of three properties in the U.S. for total gross proceeds of 137 million dollars, "as part of its programme to rationalise Greyhound's property portfolio".

From a chartist’s point of view, the stock price is trying to push above a massive resistance threshold at 75p. Prices are supported by the rising 20/50DMAs. The internal trend line in place since July 2020 still provides support. The daily RSI (14) failed to make new highs (warning signal) but is holding above 50%. A breakout confirmation of the resistance zone (75p) would call for a new up leg towards 81p and 90p. Prices need to stand above 62.6p to maintain the bullish bias.  

Source: GAIN Capital, TradingView

Related tags: Equities

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