Ingenico (ING) has traded sideways between May and November 2013, and the share price has found some support at the 55-day moving average price level. Presently it is trading at around €66.00 and has therefore achieve an excellent performance of over 20 % in less than 30 trading days. Over coming months the share price can be expected to resume its upward move towards the €72.00 level.
The company’s fundamentals remain very strong and the global wireless POS terminal market is set to grow at a CAGR of 7.7% through to 2016. Plus with the introduction of smart cards and EMV cards worldwide, the rate of POS adaptation will further drive ING’s market expansion.