UK’s FTSE 100 index was boosted today by house builder Taylor Wimpey which said trading had been "strong" in the second half of the year.
Technicals – Falling channel on the daily
The share is trading around 150p. Prices need to close above the falling channel hurdle, which would signal continuation of the rally from the post Brexit low. On the higher side,...
Taylor Wimpey has steadily under performed the benchmark index over the past few months and looks set to break lower. Sell with a stop at 146.5p, targeting a move down towards the 'Brexit' low at around 118p
Daily chart pattern – sideways channel
At 157.20, Prices are currently flirting with upper end of sideways channel. The daily RSI has already ended sideways action and is pointing northwards.
Hence, a bullish break on day end closing basis would open doors for a 100-DMA located today at 169 levels.
On the lower side, a breach of small rising trend line would...
