Is a jump in this defence contractor's shares on the cards?
12th August 2021 09:58
by Alistair Strang from Trends and Targets
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Our charts expert runs his eyes over the movement of shares in a FTSE 250-listed defence contractor.
The 6th largest specialist in modern warfare in the UK and 52nd largest in the world, defence contractor QinetiQ Group (LSE:QQ.) enjoys a share price which remains comparatively stable.
However, some interesting potentials are making themselves known, making an upward lurch toward a new all time high feel very possible. A visit to their website is recommended to experience the range of fields in which the company is active.
At time of writing, the share is trading around 338p, needing above just 358p to potentially trigger fireworks.
Such a movement calculates with an initial, fairly tame, ambition of 371p with secondary, if bettered, a new high of 410p. This secondary hope is quite a big deal, allowing us to project a big picture future of 487p, along with a strong suggestion this defence contractor's share price has moved up to an entirely new trading range.
For everything to go wrong, the earliest indication will look like travel below 311p as this risks triggering reversal to an initial 281p with secondary, if broken, calculating down at 227p and hopefully a bottom.
It's almost amusing to write this but we typically trawl the media for anything interesting relating to companies we're writing about. In the case of Qinetiq, it appears safe to say they keep themselves "off the radar" which is apt, given some of their specialities.
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.