Reckitt Benckiser has been in a strong uptrend since it's IPO. We've seen a retrace over the last 6 months - most likely due to post-brexit financial climate and its effect on the sterling.
The price action shows a completed wave C on the retrace. This could be the retrace in its entirety or the completed wave A within a larger pull back. With this in mind, regardless if this is B wave or an impulsive return to the uptrend, it seems a good buy with a breakout of the RSI across two trend lines confirming strength.
I have an initial price target of £71 and a second target of £74.
Happy trading!
The price action shows a completed wave C on the retrace. This could be the retrace in its entirety or the completed wave A within a larger pull back. With this in mind, regardless if this is B wave or an impulsive return to the uptrend, it seems a good buy with a breakout of the RSI across two trend lines confirming strength.
I have an initial price target of £71 and a second target of £74.
Happy trading!