STJ shares within a bullish channel

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By :  ,  Financial Analyst

St. James’s Place shares within a bullish channel

St. James's Place, a wealth management group, reported that net inflows totaled 0.67 billion pounds in May, compared with 0.73 billion pounds in the prior-year period, while funds under management rose to 112.58 billion pounds as of May 31 from 105.83 billion pounds at the same time last year.

From a chartist point of view, the stock price remains within a bullish channel in place since March. However, the daily Relative Strength Index (RSI, 14) struck against 70% and is reversing down. Prices are nearing the rising 20DMA. The configuration is mixed between support at 886p and resistance at 1041p. A break below 886p would call for a reversal down trend towards 744p. Alternatively, a break above 1041p would call for a new up leg towards 1121p and 1210p.

Source: GAIN Capital, TradingView

Related tags: Equities

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