The upward trend seems to be run out of steam. The downward trend could recover.

From a fundamental viewpoint the company is expected to publish an EPS about 30 in 2015 against 38 in 2014 according to analysts. This situation represent a decrease about 21% and could lead to some profit taking in the short run.

From a technical viewpoint, the proximity of the GBp 865 medium-term resistance limits the upside potential on the stock. Shares have recently tested the GBP 865 level and rebounded on it. This situation could feed the bearish recovery toward the GBp 774.5 support. The breakdown of the 20-day moving average could accelerate the decrease and legitimate our scenario.

The technical configuration and fundamentals lead us to predict a consolidation phase, at least in the short term. Therefore, in order to take advantage of this technical correction, a short position may be opened in the current area to target GBp 774.5. In case of further acceleration, the stop loss will be triggered above the GBp 865.