Half-Term Report: UK Stocks For 2009
In
January of this year I posted a list of 5 UK stocks for 2009. How have they fared so far this year?
First was HSBC Holdings (
). The bullish wedge I had outlined at the start of the year was decisively broken to the downside - leaving the stock in considerable trouble. The stock went on to halve in value, reaching a low of 253.74p. From its low in March the stock did recover back to 583.50p. It currently trades at 496p - still well off the then broker recommendations of 745.85-765.61p. The
trendline break-to-watch I had marked in January didn't occur until April at 474p
The second pick, BP. ( ) had a bearish set-up in January but the potential for support at 463p was there for value buyers. But in the events that transpired the bearish break did eventually come but an attempt for support at 464p failed. The stock did find support at 401.33p but the subsequent bounce has the look of a larger consolidation pattern at play. It closed Friday art 461p
The third pick, Royal Dutch Shell ( ) I had made an optimistic call for a test of summer 2008 highs but in the end it was hit like BP, marking a low in March. Unlike BP this has reached (and has so far bounced from) consolidation support.
The above story is the opinion of the author only and it does not reflect
iStockAnalyst opinion. Further, the author is not personally advising you
regarding the suitability of the story for your investment needs. In no event
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