Boohoo Group Price: BOO Breaks Upward, Following a Consolidation Move

PUBLISHED: Dec 14 2024 @ 06:24 | Comments (0) | More info about Azeez Mustapha

Depicting from the trade chart of Boohoo Group Plc (LSE:BOO), the resistance bargain spot at 36 previously seemed tough to breach to the positive side before the present situation shows that the market has been able to break upward, following a consolidation move in an overbought region.

A bullish candlestick is still developing as of this writing, with a substantial northward stretch over varied hurdles to average the line of 40. As it stands, it is technically incorrect to proceed with the issuance of new longing position instructions. Therefore, it is anticipated that shareholders who may have purchased this stock operating below or slightly above its moving averages will begin to pay out a few points before the momentum quickly meets a potentially harsh reversal.

Resistance Levels: 42, 44, 46
Support Levels: 34, 32, 30

Given that the BOO Plc stock is trading well above the EMAs and is getting close to 40, should investors play around in the market?
It is not technically sound for shareholders to start opening fresh long position orders as the Boohoo Group Plc stock approaches the resistance of 40, given that the price breaks upward, following a consolidation move.

The 15-day EMA’s trend line is higher than the 50-day EMA’s. And they are around 34 and 32 value lines to showcase the most critical support lower spots. The stochastic oscillators have penetrated the overbought region, pointing toward the upside to denote that buyers are tending to extend their muscles far beyond the former barrier value of 36. We recommend that fresh buying orders should be suspended.

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