Breedon shares poised to enter price recovery phase
This billion-pound company has done well this year, but independent analyst Alistair Strang suggests bulls should wait for this to happen before acting.
11th June 2024 07:49
by Alistair Strang from Trends and Targets
A UK company with a substantial pedigree, FTSE 250 member Breedon Group (LSE:BREE) is starting to show early signs of some share price recovery.Â
It’s unlikely any enthusiasm is coming from Scotland, with the company’s 37% ownership of Bear, the company that's meant to maintain Scotland's roads on behalf of the government. But to be fair, Breedon appears active in the rest of the UK, often with considerable success. Â
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Shares are currently trading around 100p below the pre-pandemic figure of five quid and playing footsie with a downtrend since 2021. There are signs it wants to enter a price recovery phase but we’re inclined to suggest waiting to see if the share price manages above 409p as things should happen.
Movement such as this should hopefully trigger a gain cycle to an initial 495p with our secondary, if beaten, a longer-term 559p and almost certain hesitation.Â
Source: Trends and Targets. Past performance is not a guide to future performance.
Alistair Strang has led high-profile and "top secret" software projects since the late 1970s and won the original John Logie Baird Award for inventors and innovators. After the financial crash, he wanted to know "how it worked" with a view to mimicking existing trading formulas and predicting what was coming next. His results speak for themselves as he continually refines the methodology.
Alistair Strang is a freelance contributor and not a direct employee of Interactive Investor. All correspondence is with Alistair Strang, who for these purposes is deemed a third-party supplier. Buying, selling and investing in shares is not without risk. Market and company movement will affect your performance and you may get back less than you invest. Neither Alistair Strang or Interactive Investor will be responsible for any losses that may be incurred as a result of following a trading idea.Â
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