Ashtead (AHT) - The recovery continues

Hatto

Perhaps I can turn the corner?

I am about to turn ultra bullish on AHT ans fwiw I post my thoughts below.

AHT has seen its greatest test on the price since May when it dived from 105 to 83 in a fairly short timescale and quite steeply.

Since then it regained its upward momentum until the results when quite understandably profits were taken. Since then there has been a choppy and turbulent time with the world markets but nothing but good news seems to come out of AHT.

The chart above shows that despite some pretty strong down presure many holders have held pretty firm with their stock and refuse to be shaken out.
Unlike May when the price intraday regularly spike through the lower BB it has failed to do that on this occassion and the last two days of the trading signalled a change.

MACD signals that the 12 day MA is rising and in less than 7 days IMO will cross giving a buy signal.

Momenmtum is building too and IMO this week is the time to buy.


Sellers sentiment was tested last week in various ways.


My rating (BUY)


NAI