Outlook for Hunting after price slump
After issuing a profits warning, independent analyst Alistair Strang studies the charts for this energy services firm that's now given back most of this year's impressive gains.
23rd October 2024 07:23
by Alistair Strang from Trends and Targets
Hunting (LSE:HTG) enjoys a fascinating history, dating back 150 years with a few messy periods to its name, something they don’t bother trying to cover up. As an aviation fan, it was quite a surprise to discover they were behind the Jet Provost, a dinky little plane which was capable of over 400 mph and became the stepping stone for generations of RAF pilots through a 40-year training history.
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Obviously, we're fans of Hunting for surviving the last 150 years, which suggests they should be worth paying some close attention to. However, weaker global energy prices just forced it to issue a profit warning.
From our perspective, there is a key trigger level at 464p, and the company is currently a country mile away from such a target. In fact, get back above 454p should next trigger surprise recovery to an initial 589p with our secondary, if bettered, a longer term 747p.
Alternately, if things intend go (even more) horribly wrong, below 238p looks troubling as it allows for reversal to an initial 205p with our secondary, if broken, at 118p.
We think, despite the price being forced down, this shall prove worth watching.
Source: Trends and Targets. Past performance is not a guide to future performance.
Alistair Strang has led high-profile and "top secret" software projects since the late 1970s and won the original John Logie Baird Award for inventors and innovators. After the financial crash, he wanted to know "how it worked" with a view to mimicking existing trading formulas and predicting what was coming next. His results speak for themselves as he continually refines the methodology.
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