SSE : short term rebound

SSE, the energy company, said it has agreed to sell its 50% share in energy-from-waste ventures Multifuel Energy Limited (MEL1) and Multifuel Energy 2 Limited (MEL2) to an infrastructure fund managed by First Sentier Investors for a total cash consideration of 995 million pounds.

From a technical point of view, the stock price has broken above a declining trend line in place since Feb 2020.  Prices are escaping from a consolidation channel. Bollinger are widening, indicating that a new up trend could take place. In addition, the daily Relative Strength Index (RSI, 14) has broken above its declining trend line. A recovery towards 1435.5p and 1520p may be expected, as long as 1156p is support. Alternatively, a break below 1156p would call for a reversal down trend with 1057 as first target.

Source: GAIN Capital, TradingView

Related tags: Equities

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