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By Zak Mir | Saturday 3 October 2015
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.
Premier Veterinary Group (PVG): Above May Resistance Points To 150p
Given the way that most of the Great British public have as high a regard for small, fluffy mammals as they do have for each other, one would take the view that any stock market play on such a phenomenon is a decent one on a fundamental basis. In addition, it is normally the case that money is no object when it comes to the fate of Patch, Rex or Tiddles, and therefore for your average vet, pricing power in a deflationary environment is something he or she can enjoy.
All of this wonderful fundamental backdrop is currently reflected on the daily chart of Premier Veterinary Group in terms of the robust looking price action which has been displayed for as long as the shares have been on the London market in March. Indeed, it is possible to draw in a relatively wide rising trend channel on the daily chart, one whose floor currently runs with the 50 day moving average at 95p.
At least while this feature remains unbroken one would be very positive regarding the prospects for these shares. At the same time the bulls can take heart from the way that to start October we have seen support come at the former initial 105p peak for May, something which in accordance with the rule of new support coming in at former resistance in ultra bullish situations, backs the momentum buy idea here. Therefore, we expect to see a top of 2015 price channel target as high as 150p over the next 1-2 months, especially while there is no end of day close back below 105p. Only below the 50 day line is outright bearish.
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