Sage Group ready to roll over?
Updated
We are on the hunt for short ideas as we expect to see some form of pullback in equities in the short term. Sage Group is in a long term downtrend and has underperformed the benchmark index over the past 1-3 months on a relative basis. The shares have rallied into downtrend resistance as well as a combination of the 50 & 200 day moving average. There was also a bearish engulfing candle on Tuesday. We therefore expect to see this fall in the short term. Stop loss at 667p, targeting a move to retest the recent lows around 620p
Trade closed: stop reached
Break out!
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