I was bullish about LSEG as it has some nice pieces of financial infrastructure (LCH) and data companies (FTSE, Russell, soon Refinitiv). The latest interim update seemed quite upbeat - revenues up, regulatory approval for Refinitiv on track, integration planning on track, dividends up.
However the stock is behaving like a big elephant is sat on the all time high distributing stock to the fools beneath. It has tried multiple times in recent months to breach 8600, each time getting beaten back. The interim update gave it a push but was equally beaten back down. I'm out and waiting to see if the distribution ends with a fall to 7800 first target. Would become a bull again if it holds above and successfully retests 8600.
However the stock is behaving like a big elephant is sat on the all time high distributing stock to the fools beneath. It has tried multiple times in recent months to breach 8600, each time getting beaten back. The interim update gave it a push but was equally beaten back down. I'm out and waiting to see if the distribution ends with a fall to 7800 first target. Would become a bull again if it holds above and successfully retests 8600.
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Big rally today potentially invalidating this idea. Will look for the retest of 8600 for confirmation.
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Buyers stepped in to defend the 8600 level so I'm wrong on this and would look to go long.