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Supergroup PLC – Awaits Symmetrical triangle breakout

LSE:SGP   SUPERGROUP PLC ORD 5P
On the daily chart , we see a larger symmetrical triangle formation. Off late, the stock has been restricted to a narrow range of 1520 to 1580.

The daily RSI has turned flat, however, the daily MACD shows loss of bullish momentum following a sharp rally from late Oct to mid November.

Hence, a bearish break from the narrow range of 1520-1580 appears likely. Prices could extend losses to 1427 (Sep 15 low) in this case.

On the higher side, it is advisable to wait for a bullish break above the triangle resistance.

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