Admiral Group upside trend continues

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By :  ,  Financial Analyst

Admiral Group: upside trend continues

Admiral Group, a financial services company, announced that it has agreed to sell Penguin Portals Group and its 50% share of Preminen Price Comparison Holdings Limited to ZPG Comparison Services. The proceeds to the company, net of minority interests and transaction costs, will be around 450 million pounds.

From a chartist’s point of view, the stock price escapes from a symmetrical triangle pattern and remains supported by its rising 20/50DMAs. The daily RSI (14) is within its buying area (>50% and >70%). As long as 2840p is support, a continuation of the rise is likely towards 3130p and 3240p (Fibonacci projection targets). Alternatively, a break below 2840p would call for a down move towards the support zone 2680p-2520p.

Source: GAIN capital, TradingView

Related tags: Equities UK

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