Burberry – double bottom once falling trend line is breached

  • Burberry's sharp rise this week suggests a bottom is in place around 1080 and once prices break above falling trend line hurdle seen today at 1320, the doors would be opened for a test of double bottom neckline resistance at 1468.
  • On the other hand, a failure to break above weekly 50-MA level of 1261 followed by a retreat below this week's low of 1160 could yield a re-test of latest cyclical low of 1040.
  • The likelihood of the share breaking above falling trend line hurdle is high, given the bullish weekly 5-MA and 10-MA crossover accompanied by a sharp rise in volumes this week.
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