BooHoo rally moves into mature phase
We look at BooHoo, which has surged from its March low and recently hit an all-time high.
The lockdown has been good for online fashion retailer BooHoo. The shares hit a record high earlier in the month, having recovered all their losses from the early part of the year.
After the initial surge in the share price from the March lows, the rally has moved into a more mature phase, with higher highs and higher lows in place from late April onwards.
BooHoo: technical analysis
The previous highs at 339p from January and February have seen some choppy price action, but bullish upward momentum has been confirmed as new higher highs have been created. Dips towards trendline support in late April and early May were met with fresh buying, and while the price has dropped back towards 355p, it appears we may be seeing another push higher. Elevated stochastics and MACD readings continue to support the bullish view, while a recent gap higher saw strong buying volume.
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