Will Morgan Advanced Materials (MGAM.L) shares break the key resistance level, or will it continue within the current range and retest the 248p support zone?(-10%)

• Currently trading around the 278p resistance, now at 277.41p (at time of writing).
• The range has proven reliable to date. Will the pattern repeat itself?
• The price has tested this level repeatedly. However, traders should be mindful of stop-loss placement in case of breakout.
• Will the share price continue in this range, falling to the lows at 248p? (-10%).
• Technical traders should be mindful of news and developments. Check our website and the press for updates.
• Shares -1% from 12-month highs; +19% from 12 month lows.

Latest News

08 Nov:  Morgan Advanced Materials, the specialist product manufacturer, announced that sales and operating margins were a little stronger in the trading year’s first nine months.

09 Oct:  RBC Capital Markets has downgraded its rating on Morgan Advanced Materials (MGAM) to underperform (from sector performer).

24 Jul:  Jefferies International has upgraded its rating on Morgan Advanced Materials (MGAM) to buy (from hold) and reduced the target price to 320p (from 365p).

22 Jul:  Berenberg reiterates its buy rating on Morgan Advanced Materials (MGAM) and reduced the target price to 330p (from 360p).

24 May:  Pete Raby, Director, sold 59,088 shares in the firm on the 23rd May 2019 at a price of 252.69p. This Director currently has 134,822 shares.

24 May:  Peter Turner, Executive Director, has transferred in 102,619 shares in the firm on the 23rd May 2019. This Director currently has 242,619 shares.

24 May:  Peter Turner, Executive Director, sold 48,289 shares in the firm on the 23rd May 2019 at a price of 252.69p. This Director currently has 194,330 shares.

Source: Bloomberg, Reuters, Alpha Terminal, FT, DJ Newswires

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