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Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 68% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money.

BooHoo rally moves into mature phase

We look at BooHoo, which has surged from its March low and recently hit an all-time high.

Source: Bloomberg

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.

Soruce: ProRealTime

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