Member Info for TheTrader99

Spot on with your views on this one @west6809. I stopped looking at the charts since around March last year on ASOS when the macro economic environment went to pots. @SteveFennel also agree with your views and @teddy100 exactly,it's not Armageddon, even when the stock is following a bullish trend, we won't see all green candle sticks each and every day. I'm glad to be conversing with like minded people

@West6809 mentioned 'charting this is also worthless' which in all fairness is a valid point given the sentiments towards this stock currently, but the chartist in me, sees £3.25 as support and £4.20 as the resistance. A gap down today on news , but as you say West6809 this could easily go up 10% on a good day. I will watch the candlestick formation and will report what I see in the coming days

Reuters Article out: H&M to grow third-party brand strategy as online rivalry intensifies - excerpt: Its marketplace strategy, launched last year, is aimed at challenging online rivals like Zalando, ASOS, and fast-fashion giant Shein as competition intensifies.

Some resistance at £4.20 - but if we can breach this today then we could see a play for £4.55 - the next major resistance. The 50 day SMA is at 4.88 so once we get there we could see a rise towards £5.79. Which is not beyond the realm of possibility as Chart is showing "three white soldiers" - i.e the signal of an upcoming price reversal because of the strong buying pressure here. As always lets wait and watch

@Knowbodyyouknow - If we can maintain above £4.13, then we can see play for £4.55+. Next major resistance is £5.05; we should see this play out over the course of the next few trading days. Market is spooked though with news of Interest rates hikes so I am not expecting this to happen overnight

Https://www.morningstar.co.uk/uk/news/235837/stock-of-the-week-asos.aspx

Teddy100 - well said!!! I have been holding here since the £21 , then a further tranch at £18 and most recently £3.71 - thus average is around the £16 mark. "I hold the shares as I (too) believe ASOS can trade out of this and that the macro head-winds will decrease" - when technical were signalling STRONG SELL - I still believed in the share price (looking at the macro environment and historic charts for ASOS).

Not unusual to see the dip given sea of reds across the pond today. Even the FTSE isn't performing brilliantly (same all week) Be interesting to see if we can finish at £4.15 + COB

Exactly my sentiments G_G_G. Are you also reading the inverse head and shoulders forming on the chart? My thinking is that this signals a bearish-to-bullish trend reversal and that the downward trend has neared its end? This is def considered amongst the most reliable trend reversal patterns. What are your thoughts on that?

HappyInvestor100 - The intraday Pivot points certainly suggests £4.53 is next to be tested, if we can keep momentum above £4.15. The next major resistance will be the £5.05.

I have plotted some Pivots Points to determine todays intraday support and resistance levels. We could struggle at the £4.15 level today but I agree with this article https://uk.style.yahoo.com/next-asos-shares-063005834.html

Interesting observation RonnieH. I guess the £3.96 was the breakout. If the pattern completes then it could signal a Bull Market, so lets wait and see what happens

I was fully expecting a dip today given that inflation had remained at the same rate in May as it was in April; which has pretty much cemented a further increase in Interest Rates by the BoE.; so hitting household budgets hard. The Markets have been muted all week so far but looking at the chart this morning - the resistance is now £5.05 (up from £4.55) so lets just wait and watch

The 101st to 350th* stock exchange members, ranked by market cap - sorry for typo, Wikipedia would have been copy and paste - so wouldn't have been a typo HeresHopin

The FTSE 250, i.e the mid-cap index, is made up of the next 250 stocks (the 101st to 250th stock exchange members, ranked by market cap) - Each quarter, index provider FTSE Russell reviews each index to see if any members should be relegated or promoted

Fair point HeresHopin, My screenname should have been 'The(LongTerm)Investor', to please you, But heyho, Anyhow I have been "trading" other stocks in that time so I am not sure if that counts. I will refrain from responding anymore to this chain, as we clearly are not getting anywhere and this is not constructive. Good luck to you

HeresHopin - You clearly missed the bit where I explained: " ' averaging down.' because the fundamentals are still there for the company. - Please look at the charts, for the last 5 years - 2018, 2020, 2022, the share price has dipped and recovered, the very nature of the stock Market. The charts unfortunately cannot predict Macro events ." - in layman term I am still here because I believe in the medium to long term, I will get a return on my investment. The stock is currently Bearish and the med to long term outlook on it is double what the price is today, I have held for the better part of a year and happy to hold for another year or two - You may be more successful with your investing strategy, and that is good for you, but please don't feel you need to comments on other's strategy

HeresHopin -You were probably tradsing on HOPE. But yes my strategy since has been to average down - hence isstead of selling at a loss when price went south I bought more . That is called "averaging down." because the fundamentals are still there for the company. - Please look at the charts, for the last 5 years - 2018, 2020, 2022, the share price has dipped and recovered, the very nature of the stock Market. The charts unfortunately cannot predict Macro events .

Has anyone actually plotted a chart today to study the technicals. I messaged yesterday "Basic technical on chart is showing support at £3,.25 and the next resistance at £4.55 followed by £5.79. It currently trying to breach the 20 day moving average (£3.77), if this happens we should see the price move to the £5.79 (50 SMA)."

Seems it has breached the First resistance so will have to see if it holds at the level, -if so the technicas show the next stop is £4.54.

This is an open forum so people are welcome to write as they please bit it would be good to read comments based on technicals rather than opinions and ransoms thoughts and musings all the time

So I will be looking at the candle stick forming today: The longer shadow signals that sellers are pushing prices lower, so it is a question of weather buyers can overcame that selling pressure to push prices higher.

However, many buyers won't submit a buy order simply because they see a hammer structure in a downtrend. Before they proceed, they should look for more bullish confirmation. For example, if the next candle — or even the next few candles — after the Hammer remains white/green, it might be confirmation that a new price trend is forming. Stocks is a waiting game 80% of the time and particular well suited to patient people.