Boohoo Group Price: BOO Breaks Down, Finding Support Beneath 32

PUBLISHED: Aug 03 2024 @ 05:49 | Comments (0) | More info about Azeez Mustapha

Following an effort by bears, Boohoo Group Plc (LSE:BOO), a declining force has eventually been made in the stock business, making the price to break down against 32 to find support underneath it.

The dropping force is still present in this technical component, indicating that the price is now trading at roughly 30.26. However, there hasn’t been any noteworthy indication that bulls are getting ready to buck the trend. However, it seems that the market is nearing its lowest points, which would prompt long-position movers to quickly return to the market.

Resistance Levels: 34, 36, 38
Support Levels: 26, 24, 22

Has there been any concrete evidence, suggesting that the present falls in the BOO Plc stock below the EMAs will soon come to an end?
The sudden fall-offs in the stock operations of the Boohoo Group Plc have not appeared to gain a recovery sign, given that the market breaks down, finding support beneath 32.

The 50-day EMA indicator has been crossed southward by the 15-day EMA trend line, indicating a minor downward move across the main resistance line at 34. The stochastic oscillators are flat and in the oversold area, indicating that selling activity is currently consolidating and a bearish candlestick may be on the horizon.

Learn from market wizards: Books to take your trading to the next

CLICK HERE TO REGISTER FOR FREE ON ADVFN, the world's leading stocks and shares information website, provides the private investor with all the latest high-tech trading tools and includes live price data streaming, stock quotes and the option to access 'Level 2' data on all of the world's key exchanges (LSE, NYSE, NASDAQ, Euronext etc).

Follow @ItuGlobal

This area of the ADVFN.com site is for independent financial commentary. These blogs are provided by independent authors via a common carrier platform and do not represent the opinions of ADVFN Plc. ADVFN Plc does not monitor, approve, endorse or exert editorial control over these articles and does not therefore accept responsibility for or make any warranties in connection with or recommend that you or any third party rely on such information. The information available at ADVFN.com is for your general information and use and is not intended to address your particular requirements. In particular, the information does not constitute any form of advice or recommendation by ADVFN.COM and is not intended to be relied upon by users in making (or refraining from making) any investment decisions. Authors may or may not have positions in stocks that they are discussing but it should be considered very likely that their opinions are aligned with their trading and that they hold positions in companies, forex, commodities and other instruments they discuss.