JD Sports PLC is attempting to breakout of a strong multi-month consolidation zone for the fourth time.
Why this time is different:
1. RSI has slowly normalized, with our pop above resistance today sporting a ~50 RSI;
2. Higher volume than previous 'attempts';
3. Brexit talks getting more positive by the day. Any trade deal will likely give this steam to pop to ATHs.
Not sure if we will get ATHs by EOY but very likely this is going to be a strong UK e-commerce play through 2021. Hoping to test 830GBX as new support in the coming days.
Any thoughts?
Thanks again
(*This is not financial advice, for sake of discussion and illustrative purposes only*)
Why this time is different:
1. RSI has slowly normalized, with our pop above resistance today sporting a ~50 RSI;
2. Higher volume than previous 'attempts';
3. Brexit talks getting more positive by the day. Any trade deal will likely give this steam to pop to ATHs.
Not sure if we will get ATHs by EOY but very likely this is going to be a strong UK e-commerce play through 2021. Hoping to test 830GBX as new support in the coming days.
Any thoughts?
Thanks again
(*This is not financial advice, for sake of discussion and illustrative purposes only*)
Comment:
Looks like this wasn't such a good breakout at all.. the stock is trading back down to its medium-term trend line support (orange trend line) @~750 GBX.