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Buy Barratt shares on dips, says chart guru

Barratt Developments PLC (LON:BDEV) shares have been in recovery mode since the EU referendum result back in June, and Zak Mir thinks investors should be keeping a close eye on the stock if it shows any signs of weakness.

“There is an uptrend line from June, and while that holds I think you’d have some confidence that the shares are a buy on dips rather than a sell on strength,” Mir tells Proactive.

Mir adds that he would even more confidence in the stock if it can just break through its 200-day moving average of 504p.

“I’d be more comfortable if the shares did recover that 200-day moving average [at 504p], as they haven’t been above there since the start of the year.”

Quick facts: Barratt Developments

Price: 649.6 GBX

LSE:BDEV
Market: LSE
Market Cap: £6.61 billion
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