Bear Flag: PRIMARK Share Price Could Slip -18%
The holding company for Primark which is known as "Associated British Foods" chart currently shows a classic bear flag formation, with a perfect straight top which is acting as a strong resistance, and an upwards trending bottom support line which mainly seems to be driven by traders looking for small profits within this trading range. There is no real drive to the upside since investors are all taking profits.
If the share price does go to the downside when it breaks out of this triangle pattern, then there is little support for the price on the way down, giving investors a possible opportunity to short sell Primark shares.
This is not investment advice. I am not a qualified investor. This is just my personal opinion and trading analysis which I share for your possible benefit. Always set stop losses to protect yourself from unacceptable risk, and never invest more than you can afford to lose.
If the share price does go to the downside when it breaks out of this triangle pattern, then there is little support for the price on the way down, giving investors a possible opportunity to short sell Primark shares.
This is not investment advice. I am not a qualified investor. This is just my personal opinion and trading analysis which I share for your possible benefit. Always set stop losses to protect yourself from unacceptable risk, and never invest more than you can afford to lose.