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Trade idea: Sell RSA Insurance
Richard Perry from Central Markets is selling RSA Insurance because of a series of bearish developments; he has seen a breach of the 120p key historical pivot level, as well as a break below all moving averages.
As a result, Richard's strategy is to go short into any bounce towards 119.5p/120p. He says a stop can be placed at 122.5p, above the 30 day moving average, and as a target he expects a retreat back towards the bottom trading band 113p/116.5p.
RSA Insurance Group is engaged in personal and commercial general insurance business.
The company announced in August that pre-tax profit before for the first-half of 2013 increased to GBP 250 million from GBP 219 million compared with the same period last year.
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01:21 minutes
Tags: bearish developments, central markets, gbp, insurance, investing, investment, pre-tax profit, profit, richard perry, risks, rsa, rsa insurance, rsa insurance group, saxo bank, saxo tv, strategy, trade idea, trader, trading, trading risks, tradingfloor.com, video