Previously Sports Direct, Frasers Group is performing nicely and looks ready for a breach of it's resistance at 329. With stores opening in July and online demand performing well, Frasers Group look sure to reap the rewards of more stay at home workers looking for exercise clothing and equipment.
Should we pass resistance around 329, I expect a strong push up in June/July to the next area of strong resistance which sits around 421-428.
I am very keen on this one and will look to take a position should we see a push up on strong volume.
@virtualtechie11, Correct, if i were looking for a long term position in this then i'd be more interested in the fundamentals. I usually exit within 2-3 weeks.
That said, Frasers Group have 1.2B in equity after debt so they aren't too debt laden after assets are taken into account,.
virtualtechie11
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@BH42 - nice pick again mate, how would you handle the loomig fear of FTSE pullback in the short term?
BH42
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@virtualtechie11, Good question. I'd keep riding the wave until we see the pullback in action. May not happen for another month with all this stimulus, so may aswell continue to ride the wave until we see signs of a sell off. It will happen, it's just when, hence i am avoiding airline & travel stocks as the harder they've pumped the harder they'll fall.
virtualtechie11
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@BH42, I feel like i have missed out on opportunities, as my mind kept telling me its going to fall, but as i dont know enough about how to tell if ftse was going to keep riding, which is what i am learning now,
also i am training my mind NOT TO tell me what it believes but read the lines on the chart as it tells you everything (well a lot),
would you be shorting anything when the time comes? as it seems like there are two ways to make money in the market,
virtualtechie11
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@BH42, learning so much from you, just wanted to say thank you for your replies