Morgan Advanced Materials plc , formerly The Morgan Crucible Company plc , is a United Kingdom-based engineering company. The Company is engaged in advanced materials science and engineering of ceramics, carbon and composites. The Company's segments include North America, Europe and Asia/Rest of World.
Market Cap: £889.21 Million
Morgan Advanced Materials broke out of a bottom pattern back in November 2019 above 283p and the price went on to reach 339p very quickly. We have seen some evidence of the price begin to consolidate within a flag/pennant pattern. The shares appear to be on the verge of completing the pattern, which should lead to a continuation higher over the short to medium term. The ultimate target is at 424p, which is roughly 35% higher than the current price.
Target 1: 365p
Target 2: 400p
Target 3: 424p
I have calculated the target ultimate target by measuring the 'poll' of the flag pattern and projecting that up from the breaking point of the flag. Targets 1 & 2 are resistance areas.
Regarding how long it will take to reach these targets, it's difficult to say. Could take days, could take weeks.
Good luck if you have bought some.