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Neighbour: Why I am buying Weir Group
Joe Neighbour
05 June 2015 at 6:38 GMT
Video / 05 June 2015 at 6:38 GMT

Neighbour: Why I am buying Weir Group

Joe Neighbour
Joe Neighbour from Central Markets is looking to buy shares in industrial engineering company Weir Group, which is listed on the FTSE 100. The stock has dropped more than 40% in the past 12 months, but Neighbour believes that it's ready to climb back up.

He says that the shares recently completed a base pattern on the daily chart with the break above the 1935p resistance. This is now acting as support and the stock looks set to extend higher. The pattern suggests upside targets of 2290p in the near term which is roughly 18% from current levels. Neighbour will be putting a stop loss on the trade at 1810p, which is around 7%.


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