Although it is bouncing this morning and appears to have found a floor at £21, Rightmove is still on our oversold list. The listed property website has enjoyed a phenomenal rally, but now talk of curbs on the housing market is causing investors to book gains. There appears to be little support for the share price in the longer term and only £20 on the weekly chart provides some hope. Should that disappear then £14.30 is the next stop, which would signal a loss of all of 2013’s gains.
National Grid is overbought this morning, as it touches fresh all-time highs. We have seen the shares move above the December 2007 peak, easing fears that investors could become jittery around this level. BG Group has returned to its overbought state, after dipping lower last week. £12.82 has provided some resistance, but the shares are currently above this level, which signals a possible retest of the January high at £13.50.