More upside for impressive M&S
Already near a seven-year high, independent analyst Alistair Strang's charts suggest the famous high street retailer can extend its recovery.
31st July 2024 07:47
by Alistair Strang from Trends and Targets
Marks & Spencer Group (LSE:MKS) has often ignored norms in retail and simply pushed ahead. Their initiative with M&S Food merging with prime location retail filling stations was the first clue the company were thinking outside the box, with the initial outlets remaining rather successful. And despite the terrible social mood in the UK, M&S's share price looks extremely capable of providing further improvements, despite some terrible behaviour since 2020.
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Currently, above 333p looks capable of provoking a rise to an extremely important 344p, a big deal from a Big Picture perspective and leaving the share “at risk” of entering a longer-term cycle to an initial 430p with our secondary, if beaten, a future attraction from 501p.
The M&S share price needs below 285 to spark a panic as it risks an eventual reversal to 177p.
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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