Vesuvius plc is engaged in molten metal flow engineering, principally serving the steel and foundry industries. It develops and manufactures high-technology products and solutions for supply to the steel and casting industries. The Company operates through two segments: Steel and Foundry.
Market Cap: £1.21Billion
Vesuvius has posted an impressive outside candle on the , which has seen the shares break from a . There is support on offer at a 50% Fibonacci level, which could be the bottom of a potential right shoulder in a larger pattern. A break of resistance at 513p is needed to confirm the pattern. It maybe a little speculative at this stage, but the risk/reward is too good to ignore.
Target 1: 513p
Target 2: 585p
Target 3: 695p
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