Technicals point to lower prices

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By :  ,  Financial Analyst

Vodafone: Technicals point to lower prices

Vodafone, the technology communications company, said despite the expiry of the Memorandum of Understanding, it remains in discussion with Saudi Telecom Company to finalise the transaction of the potential sale of its 55% stake in Vodafone Egypt in the near future.

From a chartist's point of view, the stock price remains in a bearish trend, capped by a declining trend line and by the 20/50DMAs. The daily Relative Strength Index (RSI, 14) is reversing up from its oversold territory but remains below 50%. The trend remains bearish below the resistance threshold at 119p. A break below 104.8p would open a path to see March low at 92.8p. Alternatively, a push above 119p would call for a recovery towards 123p and 129p (trend line)

Source: GAIN Capital, TradingView

Related tags: Equities

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