Asos: jumps following strong FY guidance

The stock rallies following company's forecasts.

Uptrend 4

Asos, the UK online fashion retailer, expects FY20 sales growth of 17% to 19%. Pretax profit is seen between 130 million to million pounds. Those figures were above current consensus, allowing the stock to jump this morning. 

From a chartist point of view, the stock accelerates upward following the breakout of the 3590 resistance area. Above that level, a new up leg would be expected towards next Fibonacci targets set at 4950 and then 5450.

Source : TradingView, Gain Capital


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