IC Trades: Retail rally looks shopped out.
Investors Chronicle - magazine and web content, June, 2009
Byline: Dominic Picarda
TRADING IDEA: General retailers are no longer a bargain
The strength of the general retailers' rally has caught out many traders in recent months
The 21-month exponential moving average has now capped the sector's progress for two straight months and could do so again in June. A horizontal resistance level around 1466 dating back as far as before the Great Crash of 1987 is also helping to hold it back. Our long-term technical outlook for the industry remains bearish. A retest of 1200 could easily occur this year. We'd have to think again if the sector decisively overcame the 21-month average, though.
IC Trades are written by Investors Chronicle writers. City Trades are written by selected external...
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