Wm Morrison Supermarkets PLC (MRW.L) 07-01-20
Will Wm Morrison Supermarkets PLC (MRW.L) fall beyond the 196p support level, or will we see a retest of 241p? (+22%)
- The stock is near support at 196p, now trading at 196.7p (at time of writing).
- Whilst the past does not always repeat itself, the support level has held up well.
- From here, will buying pressure return to drive the price back to 241p? (+22%).
- As always, be aware of news and events that can change the market’s perception of value – this can lead to key levels being broken. It was broken recently, though it proved to be a false break.
- Shares -20% from 12-month highs; +11% from 12 month lows.
07:16: Morrisons, the supermarket chain, reported a fall in like-for-like sales of 1.2% for Q3 amid market uncertainty and a competitive market.
06 Jan: Bank of America Merrill Lynch has downgraded its rating on Morrison (Wm) Supermarkets (MRW) to underperform (from neutral).
04 Dec: Morrisons announced that Trevor Strain would be the company’s new COO, whilst Michael Gleeson would be the new CEO..
29 Nov: Goldman Sachs reiterates its neutral rating on Morrison (Wm) Supermarkets (MRW) and reduced the target price to 210p (from 235p).
Source: Bloomberg, Reuters, Alpha Terminal, FT, DJ Newswires