Indicators suggesting a bullish stance, major resistance only at 1840. Potentially a good long opportunity for traders.

The price of Burberry shares is currently sitting at 1808p, from a technical outlook the stock is trading in a bullish position. The minor resistance level sits at 1815p followed by a major resistance point of 1840 (upper trendline of the channel). A break above the major resistance could see the shares hike back up towards the 1900 mark, where the major dip occurred in February. Towards the downside, first support level sits at 1733 followed by further support at 1670. A break below the 1670 support level may result in a downtrend towards the low 1500 (bottom trendline of the channel) in the short to midterm. MACD is positive and RSI reads 58, overall suggesting a bullish approach.