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#Gold #Japan Vistry promote themselves as “The Affordable Housing Specialist”, obviously placing themselves firmly in the target of the Bank of England, an organisation keen to ensure few people can afford houses by artificially keeping interest rates high. The failed economic experiment of keeping interest rates to tackle inflation simply hasn’t worked, central banks somehow failing to grasp the basic concept of forcing prices up with interest rates only increases inflation. And now, with a massive house builder issuing a Profits Warning, maybe the message shall get through to the so called economists advising the BoE their policies are actively hurting the economy of the UK.<\/p>\n
To be fair, once you read beyond the headlines, Vistry still remain in profit and despite their falling order book, remain in the business of building and selling the occasional property.\u00a0 Unfortunately, they also remain with a share price which currently emulates the Pfizer New York tower with support beams looking like they are made of toffee.<\/p>\n
When we previously reviewed Vistry Group, we projected 281p as our secondary target, anticipating it would be a bottom for the share price. This, unfortunately, turns out to be as concise as anything the current Prime Minister says, 281p fading away faster than candidates willing to challenge Nigel Farage in a by-election!<\/p>\n
When we review share price movements since May of this year, it’s pretty obvious our 281p level meant something special to the market, considerable effort now being made to ensure the share value remains below such a level. Things are now looking just a little dodgy with weakness below 221 now\u00a0 threatening reversal to 190p with our secondary, if broken, at a future bottom of 160p.<\/p>\n
If the 281 level is as valid as the chart extract suggests, movement next above such a level should prove convincing, giving an initial target of 343p with our longer term secondary, if bettered, at a future 520p. Normally we’d ridicule such an ambition but visually, it starts to make rather a lot of sense.<\/p>\n
Long story short, we suspect Vistry may be approaching a bottom. Maybe the bounce shall prove useful.<\/p>\n
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