Greggs has still an uptrend and is going toward its highest level.

The economic and financial situation of the company is still strong. Estimated sales from Thomson Reuters consensus are encouraging. Moreover, analysts have largely revised upward their perspectives concerning future profits of the company.

Technically, the security is in an uptrend on all time scales and it is supported by moving averages (20-day). The bullish trend will not be stopped until prices are above the GBp 1111 short term support. This trend should allow the stock to breakout the GBp 1189 resistance that will give a strong buy signal. Then, the target price will be fixed on the trend-line at GBp 1300.

According to both technical and fundamental elements, it seems opportune to take a long position at the breakout of the GBp 1189. The bullish trend should allow the security to reach the GBp 1300 trendline. A stop loss will be placed below the entry point at GBp 1148 to avoid a downtrend.