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INCH has formed a 'Wolfe Wave' at trend line support. A close above 696 now needed for a 123 low. MACD also diverging to price.........Target 840
Inchcape has a previous proven history with the 'Wolfe Wave'. Target from the current formation would be 840, a 16% gain from Fridays close price.
Start of an uptrend.
Hold till determined resistance/ when RSI signals a reversal.
Place stop loss at 733.
Risk/Reward ratio: 4
Inchcape has been steadily trending lower over the past few weeks. The shares have under-performed the FTSE100 index over the last 3 months as well as the general retailers sector. Sell at market and look for a move towards the June low.