Asos LSE:ASC breaks through previous high after bouncing off the 50 simple moving average. See previous analysis This breakout helps us to confirm the buyers are in control for now but will things stay that way.
Underneath price we have the 50 moving average which has proven time again that it is a strong support level so this can help keep price up. Contrary to that we have the £80 round number above price which could act as a strong psychological resistance area and hinder price from rising.
Right now we don't know what will happen until we reach that point so it would be worthwhile holding back from jumping into a trade until the battle is over and there is a clear winner. If price does breakout through £80 then that area will be a support area and with the 50 moving average also as support then the probability weighs in the favour of a continued bull trend.
Any comments or questions, do not hesitate to leave them below.