SBRY shares have enjoyed a positive run since January and the stock's upside momentum shows little indications of running out of steam.

A recent analysis of the technicals behind SBRY by Trading Central shows that the upside is likely to prevail. Trading Central say:

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"The upside prevails as long as 367 is support. The configuration is positive. Moreover, the stock is above its 20 and 50 day MA (respectively at 350.64 and 338.55)."

However, it is worth noting that the stock's RSI is above 70, "t could mean either that the stock is in a lasting uptrend or just overbought and therefore bound to correct (look for bearish divergence in this case)," say Trading Central.

A stellar performance from Sainsbury's

The latest impetus behind SBRY is yesterday's release of results.

John Ibbotson, director of retail consultants, Retail Vision, says investors will be aware that the grocer is pulling away from its competition at present:

"A stellar performance from Sainsbury's, which seems to be pulling away from the others at present.

"Sainsbury has beaten arch rivals Tesco, Asda and Morrisons hands down, with a 3.6% uplift in like for like sales for the first quarter.

"Yes, Sainsbury has emerged untainted from the horsemeat scandal with none of its own-label lines implicated, but its real achievement is to have remained faithful to its core customer and long-term trading strategy.

"It is outpacing Tesco with better stores and better customer service, increasing non-food sales and price reassurance from Brand Match.

"The good news follows on from last week’s market share rise to 17% from 16.9% a year earlier, with Tesco standing still, and thrashing smaller rival Morrisons."

Markets: Cypriot deal rejected, Osborne delivers budget

The FTSE 100 has opened higher today as Cypriot lawmakers have overwhelmingly rejected a proposed levy on bank deposits as a condition for a European bailout last night.

There is the sense that the bailout would have set a poor precedent; hence a degree of relief.

"The vote in the tiny legislature was a stunning setback for the 17-nation currency bloc, angering European partners and raising fears the crisis could spread," says Max Cohen at Spreadex.

EU countries had warned they would withhold 10 billion euros (8.6 billion pounds) in bailout loans unless depositors in Cyprus, including small savers, shared the cost of the rescue, an unprecedented step in the stubborn debt crisis.

Finance Minister Michael Sarris had already headed to Moscow, amid speculation Russia could offer assistance given the high level of Russian deposits in Cypriot banks.

George Osborne is due to deliver another austerity budget with the chancellor set to announce further cuts to day-to-day public spending as he tries to free up some cash for investment.

"He is also likely to announce another round of weaker economic forecasts. Despite a slump in opinion polls, Osborne and Conservative Prime Minister David Cameron are sticking to their push to fix Britain's budget deficit and rising public debt, hoping for a recovery before they fight for re-election in two years’ time," says Cohen.

UK markets in review

UK markets finished lower yesterday, as investors exercised caution ahead of the voting on imposition of levy by the Cypriot parliament.

Rio Tinto retreated 5.2%, after the President of the company’s Pilbara iron ore operations indicated weaker iron ore prices, citing a slowdown in Chinese demand and robust Australian exports.

Peers, Evraz, BHP Billiton and Anglo American declined 4.5%, 3.5% and 2.9%, after a broker downgraded the mining sector to ‘Sell’ from ‘Neutral’. ARM Holdings slipped 2.6%, following reports that its Chief Executive would retire.

Bumi tumbled 7.6%, after it delayed to release its full year earnings report.

"On the flipside, BAE Systems jumped 2.5%, after it decided to freeze the remunerations of its top executives, citing a weaker than expected earnings per share. The FTSE 100 shed 0.3%, to close at 6,441.3, while the FTSE 250 slid 0.4%, to settle at 14,035.9," says Atif Latif at Guardian Stockbrokers.