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Wood Group - Corrective move higher expected.

Long
LSE:WG.   WOOD GROUP (JOHN) PLC ORD 4 2/7P
Buy Wood Group (WG.L)

John Wood Group PLC is a United Kingdom-based energy services company. The Company provides a range of engineering, production support, maintenance management and industrial gas turbine overhaul and repair services to the oil and gas and power generation industries.

Market Cap: £2.3Billion

The long-term trend does not paint the best of pictures for Wood Group but there are some signs of the bearish momentum stalling. A few hammer candles have formed around support at 326p. The large bullish candle that has formed today looks set to burst through resistance at 362.5p. There is potential for a recovery move towards 510p over the medium term.

Stop: 334p
Target 1: 400p
Target 2: 510p
Target 3: 600p


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