Boohoo Group Plc shares (LSE:BOO) is currently experiencing major selling pressures. Bears have been attacking the market since May 2021 until this time. There is no end in sight for the current weakness in the market.
Towards the send of September, price gapped below the lower Trendlines and trended further southwards. At the same time, the RSI period 14 ran into a much oversold region. This is a clean indication of the bearishness of the market, which has been in place for months and which is supposed to continue for more months.
While there may be temporary bullish corrections along the way, they would serve as opportunities to sell short at better prices rather than go long. It is very dangerous to be a bull in this market.
BOO is expected to continue moving towards the accumulation territories at 190.00, 180.00 and 170.00, as the bias on the market is bearish.
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