💡$BOO (LSE) 🛍️MASSIVE triangle breakout💰+18%🏌️‍♂️

📚Boohoo is an online fashion retailer based in the UK. In addition to owning its own private label brand with over 36,000 products, it also owns a number of household-names in British retail, such as Burtons and Debenhams. More importantly, Boohoo also owns boohooMAN, PrettyLittleThing, Nasty Gal and MissPap, all targeted at 16–35 year olds, all of which are very popular. Boohoos share price fell 46% in July 2020 after an investigation into malpractice at some of its factories. During the 2020 COVID-19 pandemic Boohoo was reported to have turned a greater profit than in the previous fiscal year. Euronews Living reported at the time that "Where you would normally find summer dresses, chunky heels and bikinis ahead of the summer holiday period, you’ll now see slippers, tracksuit bottoms, and chunky knitwear”, benefiting from the working from home trends and lockdowns. Boohoo has benefited from its online presence unlike Primark, another ‘fast fashion’ highstreet retailer, who has £1.5 billion worth of clothes stockpiled. In the recent trading update released in January, revenue for the four months ended 31 December 2020 grew by 40% year-over-year to £660.8m. Growth has been strong in all the regions the company is operating in - UK revenue grew by 40% year-over-year to £357.2m. It is worth mentioning The UK government is also planning to implement a 2% online sales tax on e-commerce sellers and marketplaces which could have a negative impact on Boohoo. Another wary note, evidence is emerging that shopper sentiment is waning significantly, as analyst Howard Archer of EY Club notes - retail sales volumes fell 8.2% month-on-month in January, essentially double the 4.0% m/m drop in November

📈Boohoo has recently broken out of a massive triangle pattern that has been forming over the past 9 months. Price has broken out to the upside, with some large wick retests of the resistance line over past few trading sessions. There is some resistance at the 374p level. The orange price path shows a bullish price movement without a rest of the 374p level. The blue price path on the other hand shows a breakout with a retest of the 374p level, where this resistance turns into support where price continues to the upside.

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