- Summary:
- Wincanton Share Price Forecast: The latest analysis suggests LON: WIN may retest the 287-300p region in the coming weeks.
Wincanton (LON: WIN) share price just had a strong bounce after weeks of sideways price action. The stock of the British third-party logistics (3PL) company has been in a slump for the past two years. The latest analysis reveals that the ongoing bounce may turn into a significant relief rally.
On Wednesday, the UK shares had a very bad day as the benchmark FTSE 100 index fell by 97 points. This led to a major sell-off in the weak equities. Wincanton shares opened lower today and closed the day with a 0.41% loss.
Wincanton Profits Plunge 30%
Wincanton plc released its latest earnings report a couple of days ago. The earnings report showed that the company’s profits fell 30% from the previous year. In the last financial year, the company reported a pre-tax profit of £38.2 million. This was a massive decrease from the previous year’s figure of £54.8 million.
However, the company’s revenue still increased from £1.42 billion to £1.46 billion. This translated into a 2.9% increase from 2022 to 2023. Wincanton share price reacted positively to the earnings report, as the shares are up 10% in the past three trading sessions.
Wincanton Share Price May Hit 300p Soon
Technical analysis of the LON: WIN chart reveals that the stock consolidated around the historical support level of 205p for weeks before having a bounce after the earnings release. If the bulls remain in control, then a possible target could be the 287p-300p region to fill the gap on the chart.
Wincanton share price forecast will flip extremely bearish if it gains acceptance below 205p. A move till 287p region will also mean a retest of the 0.5 fib retracement zone. It will be very tough for the shares to gain strength above this level.
I’ll keep sharing my updated price outlook on Wincanton & other stocks in my free Telegram group, which you’re welcome to join.
