ASOS looking to the upside after a strong breakout of a congestion zone which dates back to October 19 (excluding the CV19 drop in March). Three strong candles have pushed the stock above a previous high / resistance level in April 19 on reasonable volume. Looking for a target of 5500 which acted as a resistance / support zone from Oct 16 through to Nov 18 before a breakdown at that level. Fundamentally things are looking up with a lot more shoppers choosing to shop online, rather than hitting the high street under restrictions. Feedback and thoughts welcome.
Trade closed manually:
trade closed manually today in order to bank some gains after the shooting star appeared yesterday. RSI and MACD also giving oversold indications to support candle formations.