🔥 Premium AI-powered Stock Picks from InvestingPro Now up to 50% OffCLAIM SALE

UK stocks that are worth a look during June 2024

Published 12/06/2024, 09:26

Unusually, in my experiences over the last 15 years at least, UK and EU stocks appear to have deviated from the U.S. markets.

Traditionally, they are tightly correlated, which is to say that if the US markets coughed, this side of the ocean caught a cold.

I view this disconnect as a really good thing- it doesn’t mean we are becoming immune to the world’s largest economy, but rather that we still have some independence from it.

There are many who dismiss the idea of investing outside of U.S. stocks, because they view it as simply adding on risk via the idea of ‘a rising tide lifts all boats’. By that same logic, investing in U.K. or E.U. stocks is a diverse activity as investing in a variety of U.S. stocks, but with an added layer of distance. So, even by that logic, it’s still worth a gander.

The following are but a few charts that have caught my attention.
They’re not all perfect- some are close to major resistance levels which could hold out, but otherwise, they show some promise.

In no particular order, here they are.

Birg, Bank of Ireland (BIRG)
Good performance this year, but now bumping its head at a key price level, and just above that another historical level worth checking.

Coca Cola HBC (CCH)
Yes, also close to previous major highs, but looking very healthy and more than likely going to reach those old highs soon.

Centrica PLC (LON:CNA)
This one is slightly different in that it is in the early stages of a new bull run. So far, technically speaking, the trend looks healthy and is close to its moving averages which usually means it’s well-priced.

This is a fantastic looking stock, technically speaking, with one exception; it’s overbought- too expensive.
The blue-box area highlights a much better value for me, and at some point I anticipated a correction downwards which will be a cue for me.

Aviva PLC (LON:AV)
A little choppy, but the momentum is way more bullish than bearish. As with others above, there is a major resistance level higher up that will have to be dealt with soon.

I like this one, because it’s in the early stages of new growth, but has lots of headroom before reaching older highs.

Melrose Industries PLC (LON:MRON)
Overall, despite being close to old highs, the trend appears healthy and momentum is more bullish than bearish.

Diploma PLC (LON:DPLM)
Free for any major resistance at the moment, but definitely overbought for now- this would be on my list once it gets close to the blue-box area in terms of a healthy correction in price and value.

Informa PLC (INF)
Currently in a beautiful trend, but yes, will need to break up through clear historical resistance. It has bullish momentum in its favour.

As usual, I will add them to my portfolio tracker here to monitor their performance over 2024- even if they are over-priced or near resistance. I want to see how they do myself.


Wherever possible, I’ve used Weekly or Monthly charts to gain a better overview of performance over time.

I’ll continue to look for opportunities during this new bull market, and market corrections, such as the one the markets are going through right now, can provide excellent entry opportunities.

Like this article? Read more from my Investing.com profile here:

Disclaimer: Any content in this article is purely financial markets discourse and not financial advice. Please consult a regulated professional before making any financial decisions.

Latest comments

Loading next article…
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.