Firstgroup’s rebond to be capped at the 49.2p resistance

First Group, a transport group, has attracted interest in its 4 billion dollars U.S. operations from private equity firms, including Apollo Global Management and Brookfield Asset Management, according to the Sunday Telegraph.

From a chartist's point of view, the stock price is posting a rebound but remains capped by the key resistance near 49.2p (gap). In addition, prices remains stuck within a short term trading range 37p – 46.6p. A continuation of the rebound is likely but the upward potential seems to be limited by the resistance zone 46.6 – 49.2. Only a push above 49.2p would call for a reversal up trend and would open a path to see 61p.  

Source: GAIN Capital, TradingView


Related tags: Equities

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