Bodycote’s share price was heavily penalized and is now in an oversold situation near to a solid support area.

Bodycote is oversold because and near to the GBp 508. The double-bottom and the next breakout of the 20-day moving average will give argument to anticipate a bullish reversal. This situation gives credit to a potential technical rebound in the short term. Thus, the stock could find new energy and would rise towards the next GBp 583 resistance.

Considering technical elements, it seems to be an appropriate timing to buy Bodycote in order to benefit from the GBp 508 support area. A first target price will be the GBp 583 resistance, ie a potential of 10.4%.
A stop loss order will be placed under the mid-term support currently tested.