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Shire shares may be worth picking up on dips, Zak Mir sees £55 price target

Published: 12:15 01 Nov 2016 GMT

Technical analyst Zak Mir reckons it may be worth picking up Shire Plc (LON:SHP) shares ‘on dips’ as the chart for the biopharma group is still trending higher, even though a Hillary Clinton presidency could spell bad news for the sector.

Shire has, like its drug making peers, been falling in recent weeks and months due to expectations that Democratic nominee Clinton will crack down on drug pricing policy in the US if she becomes president.

Mir, in a Tip TV segment for Proactive Investors, highlights the share’s retreat through September and October, and noted that the 200-day moving average indicates the £44.44 level as a place to potentially buy.

He points to an upside target of £55 per share, should this rally materialise.

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