Ashtead could be a perfect stock to play the broader market weakness since it has a bearish RSI/MACD divergence on 4-hour chart. The weekly MACD also shows a loss of momentum.
A major support is seen only at 1365. On the higher side, a daily close above the recent high of 1456 would open doors for continuation of the rally
Ashtead Group PLC – Poised for Bullish break from flag pattern on weekly chart. This goes well with the fact that it derives a majority of its revenue (84%) from North America.
Nice rebound from rising trend line followed by bullish break from flag pattern could yield re-test of 2015 high of 1231.
Caution – Volumes have dropped