Key levels found
Looking to drag down as it reached its highest point so looking to retrace at previous key levels at around 2000 mark but we will have to wait and see
CRH Stock price could have found a temporary bottom and may likely start another uptrend shortly
N.B
- Let emotions and sentiments work for you
-ALWAYS Use Proper Risk Management In Your Trades
A lovely mixture of topping patterns - Complex head and shoulders, triple top and rolling top.
All supported by a divergent RSI across the full length of the structure.
Price ready for potential bounce of neckline, then watch for failure to make new highs, strong selling to convincingly break neckline and then good downside target levels at 38.2 and 50% Fib retracements.
With a P/E that is still over 21, even though it may rally from its present low, it looks inevitable that CRH, like American shares in general, will continue to fall for a considerable time. A substantial rise in earnings is necessary to maintain current price levels. European shares trade at a P/E of around 14 and American shares must correct to similar levels. I...
Having fallen a little over the last 5 days, should we expect CRH to recover? Not at all! With a P/E of c. 27, the stock is over-priced. Even with a continuation of profit growth at almost 8%, a significant fall must be anticipated. I would say: sell now and buy later after the price tumbles to around £22 (LSE price).
