SaxoTV

Neighbour: Johnson Matthey volume spike signals move higher

333 views
September 24, 2015 eq, eq3, eqeqeq, equities, equities 2014, equities in china, equities over valued, equities prices, equities saxo, equities strength, equities trading, equities v bonds, equity, equity analyst, equity bubble, equity clients, equity correction, equity decline, equity falls, equity index, equity market, equity market 2014, equity markets, equity platform, equity portfolio, equity portfolios, equity research, equity rise, equity risk premium, equity risk premiums, equity strategy, equity trades, equity trading, equity us, equtiies, erq, ftse, ftse 100, ftse 100 index, ftse gainsf, ftse index, ftse index 100, ftse investing, ftse trading, ftse100, joe neighbour, johnson matthey, saxo tv, share price, share trading, shares, shares 2014, shares and tapering, shares down, shares drop, shares drops, shares europe, shares or bonds, shares prices, shares up, sharessharessharesshares, stock, stock market, stock markets, stock trading, stocks, strong dollar, traders, tradingfloor.com, tradingfloor.comf, volk
Joe Neighbour explains why a trade in Johnson Matthey has caught his eye. Despite the firm's share price being in decline for the past four months, losing around 38%, the shares bounced quite sharply yesterday from a very important support level at around GBP 22.00. That price has offered key support since 2012 and before that was a large resistance level dating back to 2008. 
Intraday there was a huge volume spike yesterday. Joe notes that "The volume was the highest seen on my charts since the depths of the 2008 lows. "
JMAT has some exposure to the VW scandal, so there is near-term risk.

Buy: At market

Stop: GBP 21.80

Target: GBP 26.00

Full disclaimer