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Neighbour: Why I'm selling British American Tobacco
As markets took a tumble on Thursday over fears of a growth slowdown in China, Joe Neighbour from Central Markets thinks it's a good time to sell British American Tobacco.
Joe explains he's in "no hurry" to buy this latest dip ahead of the weekend and, instead he prefers to sell short stocks that have been bucking the overall trend of the market over the past few months. That's why he has chosen to look at British American Tobacco, and he's using the recent rally from the lows as a fresh opportunity to sell.
British American Tobacco's shares failed on Thursday at the downtrend and he thinks the relative ratio against the FTSE 100 continues to "look awful". He also saw a reaction high towards 3193p during Thursday's session which was quickly sold into.
As a result, he is looking to sell around 3130p and target a move towards the lows at around 3000p and place a stop above yesterday’s high at 3193p.
01:12 minutes
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