Stock Market Watch: Solutions 30 #S30

This post was written by Zak Mir, a Technical Analyst, Events Host, Presenter, CEO Interviewer and established Market Commentator

Given that we are in the midst of a massive stimulus spree in order to attempt to stave off the effects of the pandemic, it is by definition rather difficult for short calls and short positions to come to fruition to come to pass. Even a situation such as Boohoo.com (BOO), has proved to be a rocky ride since the market was alerted to issues at the fashion house.

Therefore, the follow on decline this week to date from the peaks towards €19 has been interesting, not only because so far the technical call of a bearish rising wedge is working. It is also worth noting that short interest in the stock has also been added to. The initial downside here is seen as being the floor of the wedge / 50 day moving average towards €15.80, with the €12 zone at the 200 day moving average a possibility if the wedge pattern is snapped.

Disclaimer

Zakmir.com is a purely journalistic website – Zak Mir is a member of the National Union of Journalists. There is no intention here of providing financial advice. It is recommended you seek an independent professional opinion before deciding whether or not to take any action with regard to anything written here.

Zak Mir

Zak Mir

About Me

Zak Mir is a Technical Analyst, Events Host, Presenter, CEO Interviewer and established Market Commentator. Zak presents the daily Bulletin Board Heroes which can be seen here at Share Talk

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