JD Wetherspoon: Why this analyst is bearish
Wetherspoon shares do not looking healthy at present. Our chartist explains his stance on the mid-cap.
23rd March 2020 08:33
Wetherspoon shares do not looking healthy at present. Our chartist explains his stance on the mid-cap.
The Wetherspoon (LSE:JDW) share price doe snot look terribly healthy at present, a state of affairs likely to continue until such time as some clarity is available on how long pub closures shall last.
At time of writing, they're trading at around 700p, and it looks like weakness below 616p risks further reversal to an initial 383p.
If broken, our secondary "bottom" calculation comes in at 181p.
Unlike other shares, we cannot be coy and toss out a number below 181p.
This 181p level represents the number we cannot calculate below without presenting values prefaced with minus signs.
For any miracle to occur with the Wetherspoons share price, it requires to actually close a session above the red line on the chart, presently 775p.
In the absence of Covid-19 miracles, it feels like this share price is about to face a bit of a hammering.
FTSE 100 - Our daily public glance at the FTSE index last week proved popular. We shall probably continue the exercise this week.
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.
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.
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