Taylor Wimpey order book continued to increase

Taylor Wimpey, the housebuilding company, released a business update.

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Taylor Wimpey, the housebuilding company, released a business update.

"We have now restarted construction on the majority of our sites in England and Wales. Total Group completions (including joint ventures) in the 22 weeks to 31 May were 2,455 (2019 equivalent period: 4,052), reflecting the impact of site closures. The UK order book has continued to increase and as at week ending 31 May 2020 its total value stood at approximately £2,779 million (2019 equivalent period: £2,515 million). Forward indicators have improved since reopening our sales centres in England and we have experienced a strong level of interest with a threefold increase in appointment bookings made in the week to 31 May 2020."

From a technical perspective, the stock price is posting a short term rebound within a bearish trend. The 20/50DMAs validated a bullish cross. The trend remains up but the momentum is weak. Buyers may want to use the 50-day simple moving average currently at 138.2p as a trailing stop. Next resistance threshold is set at 179.8p (gap). A break below 138.2p would call for a new down move towards 120p and 100p.

Source: GAIN Capital, TradingView

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