Shares in Marks & Spencer Plc () are heading back to post Brexit vote lows, around 250p, according to technical analyst Zak Mir.
In the wake of Tuesday’s trading update, which included the news of falling profits and 60 store closings, the chartist says there’s now a major rethink underway as far as Marks & Spencer’s fundamentals are concerned.
Mir, in a Tip TV segment for Proactive Investors, says the chart points to a continuing negative trend in the retailers share price and significantly he says that had begun before the Brexit vote.
“We’ve been in decline really since this time last year,” Mir said.
He added: “The nightmare scenario here really is that while we’re below resistance at 350p the shares are going to head to the floor of this trend channel back down to 250p which is basically the Brexit low or the post referendum dip in the shares.
“That could be hit in the next two to three months.”