Trading Idea - #ASOSMy trading idea for ASOS - Buy / LONG
TARGET: 24.00 EUR (+125 %)
STOP: 6.50 EUR
ASOS PLC is a global fashion retailer. The company sells its merchandise through ASOS.com. The company's segments include the UK, the US and the EU. ASOS sells approximately 85,000 branded and private label products, including jewellery and beauty collections as well as men's and women's fashion, footwear and accessories.
1) The ASOS share price is at a historically relevant low (EUR 10 to 12).
2.) Several directors invested in shares of Asos on Friday, 17/05/2022.
3.) The final sales targets were not quite achieved. However, this is seen across the industry and can be explained by falling purchasing power due to high inflation.
4) The current share price is far below the average price target of the most influential analysts, even though they have slightly lowered their price targets in recent weeks. This can be an indication of a possible increase in value.
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Break of (long term) trends. What is holding is back?So recently Bitcoin has been trading with huge volatility, all within limits of major trends. This week, we're finally breaking those and are heading to set lower lows before a potential major 2017 bull run.
In the very short term, a matter of weeks (crypto terms "long term") we're looking to retest 2017 all-time high before we head on our log trend. this seems to be all within limits and the only thing that holds us up is the high volumes traded around the 22k-22.5k area.
AUD/CAD:REVERSAL PATTERN TRIGGER | PRICE MAY GROW | LONG 🔔Hello Everyone, I hope you'll Appreciate our Price action Analysis !
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GOLD:UPDATE | PRICE IS GROWING | LONG SETUPHello Everyone, I hope you'll Appreciate our Price action Analysis !
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USD/JPY: FIBO RETRACEMENT | LONG SETUP | LONG !Hello Everyone, I hope you'll Appreciate our Price action Analysis !
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EUR/USD : HEAD & SHOULDERS BREAK NECKLINE | SHORT ⚡️Hello Everyone, I hope you'll Appreciate our Price action Analysis !
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AUD/NZD:ABCD PATTERN BULLISH | PRICE IS GROWING | LONG 🔔Hello Everyone, I hope you'll Appreciate our Price action Analysis !
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GBP/CAD:DOWNTREND|NEW SWING SHORT SETUP|SHORT ⚡️Hello Everyone, I hope you'll Appreciate our Price action Analysis !
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GBP/NZD:REVERSAL SETUP | PRICE WILL DROP | SHORT 🔔Hello Everyone, I hope you'll Appreciate our Price action Analysis !
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GBP/USD: DOWNTREND | $1.2200 NEXT TARGET | SHORT 🔔GBP/USD: A drop to 1.2200 remains on the cards – UOB
In opinion of FX Strategists at UOB Group Lee Sue Ann and Quek Ser Leang, cable still risks a deeper pullback to the 1.2200 neighbourhood.
Key Quotes
24-hour view: “Yesterday, we highlighted that ‘the weakness in GBP appears to have stabilized somewhat’ and ‘GBP is unlikely to weaken much further’. We expected GBP to ‘trade between 1.2270 and 1.2370’. GBP subsequently traded within a wider range than expected (1.2262//1.2405) before closing little changed at 1.2330 (-0.07%). The movement is likely part of a consolidation and we expect GBP to trade between 1.2280 and 1.2410 for today.”
Next 1-3 weeks: “We highlighted last Friday (06 May, spot at 1.2370) that GBP could weaken further and support is at 1.2250. GBP dropped to a low of 1.2262 yesterday (09 May) before rebounding. We continue to see risk for a lower GBP even though shorter-term downward momentum has waned somewhat. Overall, GBP has to break clearly below 1.2250 before a move to 1.2200 is likely. On the upside, a breach of 1.2450 (no change in ‘strong resistance’ level from yesterday) would indicate that GBP is not ready to break 1.2250.”