BALFOUR BEATTY PLC ORD 50P - BBY LONGPrice hovering around previous strong resistance? Possible bounce coming?
BIH trade ideas
Balfour Beatty - Share price about to crumble?Sell Balfour Beatty (BBY.L)
Balfour Beatty plc is an infrastructure company that provides maintenance, upgrade and management services in power transmission, utilities infrastructure, and road and rail. The Company operates through three segments: Construction Services segment, which is engaged in the physical construction of an asset; Support Services segment, which is engaged in supporting existing assets or functions, such as asset maintenance and refurbishment, and Infrastructure Investments segment, which is engaged in the acquisition operation and disposal of infrastructure assets, such as roads, hospitals, schools, student accommodation.
Market Cap: £1.57Billion
Balfour Beatty is trading in a long-term downtrend on the chart and is currently at the upper end of a bearish triangle pattern. The price action has been slightly bullish in recent weeks as the shares gapped higher in August on results. Crest Nicholson today posted a profit warning and expect profits to dip over the next 2 years. That could be a warning shot to all construction companies in the UK. We would prefer to reduce exposure to anything construction related at present and look at speculative short positions.
Stop: 242p
Target 1: 202.4p
Target 2: 184.6p
Target 3: 168.2p
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