WW Short Ashtead Group PLC ADM:LON
Ashtead could be a perfect stock to play the broader market weakness since it has a bearish RSI/MACD divergence on 4-hour chart. The weekly MACD also shows a loss of momentum. A major support is seen only at 1365. On the higher side, a daily close above the recent high of 1456 would open doors for continuation of the rally
AHT has outperformed the benchmark index and the support services sector over the past 3 months. The shares rank in the top 5 of our quantitative model. We therefore expect new highs from here. Stop @ 1302p, target @ 1542p
Ashtead Group PLC – Poised for Bullish break from flag pattern on weekly chart. This goes well with the fact that it derives a majority of its revenue (84%) from North America. Nice rebound from rising trend line followed by bullish break from flag pattern could yield re-test of 2015 high of 1231. Caution – Volumes have dropped