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Supergroup’s 14% slump yesterday has carried it into oversold levels, after the company said that sales had been hit hard by a late Easter and a reduction in sales through the online auction site eBay. We saw the shares slump 20% in April, as this high growth and high momentum stock fell out of favour with investors. Last year was a good one for the company, so it is admittedly struggling against difficult comparisons, but the slowdown in volumes is worrying news.
Gold miner Petropavlovsk is also oversold, and rapidly heading towards a retest of the 65p low that was seen in January. A drop through here means we could see the shares fall to 55p, the all-time low in what was a very impressive downtrend.