Can JD Sports Fashion shares continue uptrend?
After kicking off 2024 with a profits warning, shares in this sports clothing chain are up over 30% since February. Alistair Strang studies the charts for clues about what happens next.
5th June 2024 07:32
by Alistair Strang from Trends and Targets
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JD Sports Fashion (LSE:JD.) has experienced a pretty awful six months since our review in January.
While the share price did achieve our upward targets, at no time has it closed above our secondary of 136p, so we’re a bit jaded if trying to report confidence for the future. There are some early signals something positive may be about to happen.
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We’ve chosen to assign 137p as a major trigger level, believing closure above such a level should now prove fairly game changing. Such a miracle would dump the share in a zone where we can calculate future recovery to an initial 161p with secondary, if beaten, at 167p and some probable hesitation, if only due to the presence of the Blue downtrend since 2022.
Surprisingly, in the future, closure above this historic trend shall place the share at the mercy of a long-term attraction from 232p!
Our converse scenario risks reversal below 110p bringing a visit to an initial 99p with secondary, if broken, a less likely 82p.
Source: Trends and Targets. Past performance is not a guide to future performance.
Alistair Strang has led high-profile and "top secret" software projects since the late 1970s and won the original John Logie Baird Award for inventors and innovators. After the financial crash, he wanted to know "how it worked" with a view to mimicking existing trading formulas and predicting what was coming next. His results speak for themselves as he continually refines the methodology.
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