A myriad of stocks including BP, Tesco and Merlin Entertainments was the subject for Mike van Dulken, Head of Research for Accendo Markets, when he joined Zak Mir and Nick Batsford on the Tip TV Finance Show.
BP: Van Dulken noted the breakdown potential, and continued that with OPEC increasing the ceiling for the production of oil, the outlook is bad. He added that with WTI below $45, this offers further possible downside for the stock.
BLND: He outlined the nice sideways channel, and with the Bank of England a long way behind the Federal Reserve in terms of hiking interest rates, the future for property is good with the range between £8 and £8.80 likely to continue.
Merlin Entertainments: Van Dulken commented on the accident at Alton Towers, but with rising rends since mid-October and a break of the 200-DMA, there is lots in favour for the stock and a recovery is becoming more likely.
Tesco: He highlighted that the stock is testing the 160 level, and with Lidl and Aldi continually taking market share from the big supermarkets, the terrible downtrend is likely to continue.
Morrisons: After being removed from the FTSE 100, and not being as large as Tesco, the stock is facing stiffer completion from discount stores and now the 12-year lows are looking ever more likely.
Sainsbury’s: Van Dulken believed that Sainsbury’s has support back to 2003 and it is experiencing rising lows from the middle of 2015. He finished by noting that it is currently the better of the supermarkets.
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