With ASOS
ASC
recently breaking out through the previous all-time high
which was around £72 back in 2014 we may have a trading opportunity soon.
So far price seems to be struggling to gain some steam and currently appears to have found some comfort
around the previous all-time high and is gravitating towards that zone again.
When we see a break of an all-time high we can usually expect to see price retest it which is what we may see happen here
before price starts a trend to the upside.
The alternative is that we may see price drop back below the previous all-time high.
The best thing for now is not to predict the next move but instead to wait and see which direction price decides to move.
If price drops lower then we definitely have to stand aside.
If price breaks above the previous resistance pivot at £76 then we can look at buying this stock.
Preserve your capital and only trade once the direction is actually confirmed.
For now I will just keep this stock on my watchlist and will trade this as soon as the time is ready which could happen real soon.
ASC
recently breaking out through the previous all-time high which was around £72 back in 2014 we may have a trading opportunity soon.
So far price seems to be struggling to gain some steam and currently appears to have found some comfort
around the previous all-time high and is gravitating towards that zone again.
When we see a break of an all-time high we can usually expect to see price retest it which is what we may see happen here
before price starts a trend to the upside.
The alternative is that we may see price drop back below the previous all-time high.
The best thing for now is not to predict the next move but instead to wait and see which direction price decides to move.
If price drops lower then we definitely have to stand aside.
If price breaks above the previous resistance pivot at £76 then we can look at buying this stock.
Preserve your capital and only trade once the direction is actually confirmed.
For now I will just keep this stock on my watchlist and will trade this as soon as the time is ready which could happen real soon.