The B&Q owner's share price has taken a hammering of late. Our chartist looks out for rebound potential.
It appears weakness now below 201p on Kingfisher (LSE:KGF) shares should flush the price down to 184p next, a point at which we'd expect some sort of rebound. But take extreme care, should 184p break as it could easily drain down to 166p next.
Worse, from a big picture perspective, the share price is already trading in a region where negative news could drip the value down to a bottom, hopefully, at 142p in a blink.
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For any near-term bounce to prove viable, the share price requires exceed 222p to enter a cycle towards an initial 235p.
If exceeded, we'll be suitably convinced bottom is "in" (for now) and hope, if 235p bettered, our calculation of secondary at 249p shall prove valid.
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.
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