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Neighbour: Johnson Matthey volume spike signals move higher

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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

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