Short term view - ASHTEAD GROUP PLC : The 50% retracement is causing the bounce.
The trend remains neutral. Prices will have to break below the peak at 2,203.00 p for the trend to be negative again with an invalidation level above 2,352.00 p.Arguments :
- The major support has been reached, it causes the bounce.
- The 50% retracement is causing the bounce.
Ashtead Group is an international equipment rental company. Co. rents a range of construction and industrial equipment across a variety of applications to a diverse customer base. Co.'s equipment can be used to lift, power, generate, light, move, dig, compact, drill, support, access, scrub, pump, direct, heat and ventilate. Co.'s rental fleet ranges from hand-held tools to construction equipment. As of Apr 30 2017, Co. had 612 stores in 47 states in the U.S. and 17 stores in Canada, and 179 stores in the U.K. Co. operates as Sunbelt in North America and as A-Plant in the U.K.
DayByDay is an independent research company providing global macro and single stock analysis, recommendation and allocation based purely on behavioural finance methods. Those include long term cycle analysis, sentiment analysis, and technical trigger. DayByDay serves all clients in need of practical and precise publications to make effective market decisions, on any time horizon, from a few hours to a few years.
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