Capital Street Inter markets Limited is a Global Business Company (GBC1) incorporated and regulated by the Financial Services Commission, Mauritius. It is fully licensed and regulated by the FSC Mauritius, as a Full Services Investment Dealer....
9th Floor, Ebene Tower, 52 Cybercity Ebene, Republic of Mauritius
Vodafone is currently trading at 154.70-higher by 7.13% as compared to the previous closing. Vodafone jumped to the top of the list of gainers in the FTSE 100 after its new CEO announced that he would reduce operating costs by 1.2 billion euros by 2021 and review its tower assets to drive higher returns. The CEO further added that he would freeze the dividend until the company has reduced its debt pile, easing worries over a possible cut.
Vodafone reported group service revenue of 19.7B euros and adjusted earnings of 7.08B euros, up 2.9% on an organic basis for the six months to end of September, broadly in line with the consensus estimates.
The British company narrowed its growth target for organic adjusted core earnings to 3% from a previous range of 1-5%. Vodafone also said that it now expected free cash flow before spectrum costs to be around 5.4B euros, above the previous target of 5.2B euros.
The stock had fallen 39% since the beginning of the year as investors fret about the cost of acquiring Liberty Global’s cable assets in Germany, the outlay on new spectrum for 5G services and tougher conditions in some European markets.
On the technical front, the RSI is currently at 55.94% and suggests that the market can move in the upward direction. The current price is above the MA5. The %K has crossed the %D from below to the upside at around 33% and suggests that the market may head upwards
Overall Bias is Positive and short-term trades can be initiated with tight Stop Loss and Profit targets.
TRADE SUGGESTION-LIMIT BUY AT 154.40 TAKE PROFIT AT 155.40 STOP LOSS AT 155.90