Analysis of Greggs as the British bakery chain is due to report earnings tomorrow.

Taking a look at Greggs as the British bakery chain is due to report its earnings tomorrow. Currently, its share price sits around 2,468p a share. Applying the Fibonacci retracement on the daily timeframe, we can see the support base sits at 2,356p. The price of this stock broke through the resistance of 2,487p (23.6%) and then tried to break through the resistance of 2,568p (38.2%), but the rejection was strong. Since then, it has been trading below the 23.6% Fib once again with currently another attempt to close above it. A rejection along the 23.6 Fib may see a fallback towards the support base. If the price manages to close above the 23.6% Fib, we may see a second attempt on the 38.2% Fib resistance. Despite the strong rejection on the 18^th of September, the technical indicators suggest that upside momentum remains as the MACD is still positive and the RSI is neutral but rising (reads 53).