Chart of the Day: Lookers (LOOK) Holding Support

Car dealer Lookers appears to be in the safe pair of hands category on the fundamental front, something which has not been reflected as far as the share price performance of late.

LOOKLOGO

The acid test is likely to be whether the main support zone for the stock around 90p is held over the next few weeks. Certainly, last month’s solid update and the dividend hike should mean that last year’s uptrend line at 90p is held. At the very least one would expect a return to the top of the one year trading range at 110p over the next 2-3 months.

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Author: Zak Mir

Financial commentator, interviewer, technical analyst

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