A successful chartist's forecast for Vodafone shares
15th November 2018 08:45
by Alistair Strang from Trends and Targets
Share on
Technical analyst Alistair Strang called the Vodafone share price slump spot on. Now, after the market has studied the fundamentals following latest results, he tells us what's next from a chartist's perspective.
Vodafone (LSE:VOD)
There are times when it feels like showing off. Vodafone delivered an exquisite movement following our report on 9 October, pretty exactly hitting drop target, then bouncing. Similarly, bitcoin reached the 5,400 drop target last postulated on 22nd October with a massive drop.
For now, with Vodafone anyway, there appears to be some potential in the current bounce. The share closed the session at around 157p and only needs better than 160.75p to commence some further moves to 166.5p. If bettered, our secondary calculates at 174.5p.
Visually, there's a bit of an issue with these numbers due to the immediate blue downtrend. At present, this perfectly defined line is at 171p and we'd suspect it shall prove a hindrance in any rise. Only with closure above blue dare we express longer-term optimism as there's plenty of strength to force some decent rises.
- Vodafone: Here's the share price to catch this falling knife
- Prospects for bitcoin and Lloyds Bank
- Could Vodafone shares really be worth 265p?
As always, there's a flip side!
The price needs to close a session below red (144p) to justify concern as a visit to 123p becomes likely. If broken, secondary is at 107p, along with a need to review the numbers urgently.
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.
These articles are provided for information purposes only. Occasionally, an opinion about whether to buy or sell a specific investment may be provided by third parties. The content is not intended to be a personal recommendation to buy or sell any financial instrument or product, or to adopt any investment strategy as it is not provided based on an assessment of your investing knowledge and experience, your financial situation or your investment objectives. The value of your investments, and the income derived from them, may go down as well as up. You may not get back all the money that you invest. The investments referred to in this article may not be suitable for all investors, and if in doubt, an investor should seek advice from a qualified investment adviser.
Full performance can be found on the company or index summary page on the interactive investor website. Simply click on the company's or index name highlighted in the article.