Technical Analysis Snap: British Land jumps on bid talk

14th Aug 2009 11:19

British Land's share price has jumped over the past few days on bid speculation that a group of investors headed by the Abu Dhabi ruling family was poised to make an offer. This interest has been interpreted as a sign that there could be signs of a recovery in the property sector. Since its peak of 5,797.90 in January 2007, the sector bottomed out in March at 1,090.90 and has since then managed to rally back just short of 23% and its January highs at 2,194.British Land has endured a similar downturn in fortunes over the same period, peaking at 1,448.34p in January 2007 before finding a base at 295p in March this year. It is now just shy of its January 2009 highs at 535p and ideally it needs to consolidate above the May highs around 500p, and push up beyond these highs.However, as with any takeover speculation as soon as it starts to ebb away, so does the share price, and we could see a drift back towards the 450p support line from the July lows.For periodic TA updates follow me on TwitterAlso read my Investors Guide to Technical Analysis and Level 2