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Good Christmas trading unlikely to save the AB Foods’ share price

Technical analyst Zak Mir doesn’t expect Associated British Food PLC’s (LON:ABF) good Christmas trading to resurrect the Primark owner’s flagging share price.

“We’re in a descending price channel here [and given that] we’re below the 50-day moving average of £26.21 there’s a risk of a retest of the £24 zone,” Mir tells the Proactive Investors Bulletin Board.

“I’d be surprised if it went that much lower given that the company had a good Christmas and it’s still feeling the benefits of a weak pound.”

 
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