💡$FRAS. (LSE) 🛍️British retail GIANT💰+15%🏌️♂️
Updated
📖Frasers Group plc is a British retail group. The company is best known for trading predominantly under the Sports Direct brand. Frasers own a wide variety of retailers here in the UK. It has luxury fashion retailer Flannels, which sells brands such as Gucci and Burberry, Sports Direct which sells sports goods and also Gelert, an camping and outdoor clothing importer. It really does have a diversified retail portfolio. Sports Direct has had somewhat of a checkered pasts including issues with employee conditions, legal breaches and issues around pay. Frasers Group is going to be affected by the fears of Tier 4 restrictions in the UK, which means all non-essential must close.
📈 Frasers Group is down 18% form its 12 months all time highs. It has been trading in a bullish price channel since its March 2020 lows. There is a string area of support between 415p and 420p that price has failed to break on five occasions. Price has recently tested this zone again. By doing so, it has also completed the 0.5 Fib retracement and touched the support of the bullish price channel. On lower time frames, price structure is bearish, facing resistance from a bearish trend line. If price can break this bearish price structure, it may move higher. Today's candle close may be indicative of what's to come. Currently it looks like a doji or even an inverted hammer, both are considered reversal candlesticks. A move higher may see 15% more upside with 4% risk.
🔎This is not financial advice. Always do your own research and due diligence. Always wait for directional confirmation before entering a trade.
📈 Frasers Group is down 18% form its 12 months all time highs. It has been trading in a bullish price channel since its March 2020 lows. There is a string area of support between 415p and 420p that price has failed to break on five occasions. Price has recently tested this zone again. By doing so, it has also completed the 0.5 Fib retracement and touched the support of the bullish price channel. On lower time frames, price structure is bearish, facing resistance from a bearish trend line. If price can break this bearish price structure, it may move higher. Today's candle close may be indicative of what's to come. Currently it looks like a doji or even an inverted hammer, both are considered reversal candlesticks. A move higher may see 15% more upside with 4% risk.
🔎This is not financial advice. Always do your own research and due diligence. Always wait for directional confirmation before entering a trade.
Trade closed: target reached
Nice 15% trade - take profit reached!
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