Boohoo Group Plc shares (LSE:BOO) are currently bullish, having attained the bullishness since July 2020, and having plummeted prior to that time. As from July, price has moved upwards seriously.
4 EMAs are used for this analysis and they are EMAs 10, 20, 50 and 200. The color that stands for each EMA is shown at the top left part of the chart. All the EMAs are trending upwards, although the last pullback day looks like a threat. In reality it is just an opportunity for bulls to enter the market at a cheaper price.
Unless price remains below the EMA 200 until the end of September 2020, the outlook on this market will remain bullish. Overall, price will recover gradually and go above, even the EMA 10, as it moves further upwards. The first target is the distribution territory at 400 – something that BOO could even breach to the upside.
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