Technical outlook – After a steady start to 2020, Brambles Limited (BXB) share price may soon experience renewed bearish pressure after the recent upside challenge rejects the August 2019 highs of $13.40-50.
It is in our assessment that from the second rejection, the market is in a prime position to slip away from the $13.40-50 highs and back to the break-out point of the bull-run viewed from $12.80 and possibly target the region of $12.60, or lower to $12.00-20. Reassess from there.
Company Overview – Brambles Limited (BXB) is a supply-chain logistics company operating in more than 60 countries, primarily through the CHEP brand. BXB specializes in the pooling of unit-load equipment and the provision of associated services. BXB is focusing on the outsourced management of reusable pallets, crates and containers. Former Names: Brambles Industries Limited (BIL), 24/11/2006.