EasyJet could turn higher if GBP rallies
- EasyJet stock could climb on GBP mean-reversion
- PetroChina rally likely to fade along with oil
- UK equities to head lower if pound makes gains
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As flagged on the morning call earlier today, we are going short PetroChina (PTR:xnys) as the stock has overshot to the upside on recent oil rally which Saxo Bank head of commodity strategy Ole Hansen believes will fade as oil above $50/barrel will cause US oil producers to increase production again.
Our stop in Twitter (TWTR:xnys) was triggered on the open and we booked a 40% profit on the position. We have entered a long position again here in early trading at $20.29 to play a small intraday mean reversion. We expect to close the position later today.
— Edited by Michael McKenna
Peter Garnry is head of equity strategy at Saxo Bank