LSE:JMAT JOHNSON MATTHEY PLC ORD 110 49/53P
We are a fan of Johnson Matthey over the long term. The recent correction looks to be a great chance to buy the FTSE100 chemicals company. The shares have formed a channel on the weekly charts and also found support on a relative basis versus the index. There is big resistance at 3575p, which if overcome could open up the upside towards 4000p and beyond. The long term uptrend suggest that new highs will be seen at some stage, a weekly close above 3120p and we will expect to see 3575p before too long.