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Sell Marks & Spencer

Short
MARKS & SPENCER GROUP ORD GBP0.01 (LSE:MKS)  
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LSE:MKS   MARKS & SPENCER GROUP ORD GBP0.01
MKS retail FTSE FTSE 100 Index short range
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mks retail ftse ukx short range
Marks has rallied into multiple levels of resistance on the daily chart. This is the top of the range where previous highs have stalled. It is also the 200 day moving average. There is divergence on both the relative ratio(vs UKX) and the RSI, which suggests the momentum is stalling. Sell with a stop at 364p, targeting a move towards the lower end of the range at 308p
Comment:
The resistance on MKS has worked perfectly. Next downgraded this morning is causing further drag
Comment:
Trend support comes in around 325p, there are multiple supports around here towards 308p.
Bring stops in to protect profits

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