JMAT is currently in a tight consolidation ranging from 2894 - 2983, I am expecting this to continue for a few days and then for the price to break resistance @2983.
My game plan would be the following:
Trigger: 2999
TP: 3079
SL: 2983
RR: 5:1
decline in mining sector means less demand for johnson matthey services chemicals etc... chart seems overbought----- possibly due to the ftse 100 rising lately (nonsense santa-rally)
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...
Johnson Mathey has outperformed the benchmark index and chemicals sector over the past 3 months. The shares are in a long term uptrend and have triggered a buy in our model. Buy at the open with a stop at 3414p. Target 3775p
