Boohoo Group Plc. stock (LSE:BOO) has shown some signs of pulling back, though the current bias remains bullish. Bears want to pull down the price, but bulls are not willing to let that happen.
In the chart, price is clearly above the upper Trendline, though there is
a minor bearish retracement in the market, which is expected to be temporary.
Price will be bullish as long as it does not go back into the lower Trendline
(and eventually moves below the lower Trendline).
The RSI period 14 is also showing some form of bearish divergence, which
may eventually prove not to be reliable, for there cannot be a bearish signal
as long as the RSI stays above the level 50.
The probability of RSI turning and going further upwards is higher than
its probability of going southwards. Bulls are thus eyeing the resistance areas
of 325.00, 350.00 and 375.00 before the middle of the year 2021.
Azeez Mustapha
Market Analyst, Trading Signals Provider and Coach
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