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Greggs: the awesome power of a vegan butty

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16 point spread on the IG platform.

Must be one of those 'too good to miss' BUYS.  The only way is up!  (Till the next flash crash stops you out and takes your money before carrying on ...)

2802 is the 161% target and might be worth a shot with a stop beneath the 100% level (2400) :)

Edited by dmedin
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On 19/07/2019 at 17:42, Nelsy-Boy said:

@dmedin I know this is too late as the market is now closed but looking at your RSI indicator, this afternoon did look like a good time to short ready for next week.


It has been said that one should only use overbought readings in an uptrend as an excuse to liquidate existing long positions (take profit), not to initiate new shorts.  However ... it's also been said that big long bull markets are often followed by a 33 - 50% correction and I think Greggs is done for one of those.

Edited by dmedin
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48 minutes ago, dmedin said:

So, how far will Greggs drop?


Looks like the bulls are trying get a bounce up off the recent low after the gap down around 2416 which is a 50% retracement from that last impulse move, though by the last white volume candle they are having to fight for it.



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Crikey, Greggs reports earnings next week.  Seems like just yesterday when it last reported its earnings.  I still think it's on a wave down but I should probably get out asap until after the earnings are reported. 



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I remain hopeful that it will fall further in order to 'converge' with its 200 day SMA (regression to the mean?)  At that point we will think about going long and holding 😺


Again my timing is pretty bad!

Greggs PLC_20190808_10.01.png

Edited by dmedin
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It's still snaking its way down.  When it bounces off (rather than breaking through) the short-term MAs then I feel better about being short; the 'proper' daily MAs still suggest it's coming down.



The daily MAs also look like the price will fall a bit more - 10 is sharply negative and 50 is flattening out.  There is a wide gap between 50 and 200.

Also: the bid/offer spread is still enormous.


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