Here's how Sports Direct shares could surge
In the current climate, there are few shares showing much optimism. This pariah could surprise many.
24th September 2019 09:06
by Alistair Strang from Trends and Targets
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In the current climate, there are few shares showing much optimism. This pariah could surprise many.
Sports Direct (LSE:SPD)
In the current market place, there are few shares presenting any real picture of optimism but for some reason, despite the word "sports" in the name, Sports Direct (LSE:SPD) appear on the edge of becoming useful. The trigger level isn't even that far away!
Above 285p exceeds the very obvious blue downtrend since 2015 and appears very capable of launching the share in the direction of 307p next.
Visually, there's plenty of reason to anticipate some sort of hesitation at 307p, if only due to the share price's historic behaviour around this level.
But in the event it actually closes a session above 307p, we're able to calculate the potential of 342p making a future appearance.
In fact, if driven by positive news flow, it could quickly surge to 423p in the future.
All it needs do is start going up!
For any indication it's all starting to go wrong, the share price presently requires to slip below 265p as reversal to an initial 240p seems possible.
If broken, secondary calculates down at 203p and hopefully a bottom is feels capable of rebounding from.
Given the company's immediate efforts to purchase "Goals Soccer" outright very soon, it will be interesting how the market reacts to any acquisition.
Source: Trends and Targets Past performance is not a guide to future performance
Alistair Strang has led high-profile and "top secret" software projects since the late 1970s and won the original John Logie Baird Award for inventors and innovators. After the financial crash, he wanted to know "how it worked" with a view to mimicking existing trading formulas and predicting what was coming next. His results speak for themselves as he continually refines the methodology.
Alistair Strang is a freelance contributor and not a direct employee of Interactive Investor. All correspondence is with Alistair Strang, who for these purposes is deemed a third-party supplier. Buying, selling and investing in shares is not without risk. Market and company movement will affect your performance and you may get back less than you invest. Neither Alistair Strang, or interactive investor will be responsible for any losses that may be incurred as a result of following a trading idea.
Alistair Strang has led high-profile and "top secret" software projects since the late 1970s and won the original John Logie Baird Award for inventors and innovators. After the financial crash, he wanted to know "how it worked" with a view to mimicking existing trading formulas and predicting what was coming next. His results speak for themselves as he continually refines the methodology.
Alistair Strang is a freelance contributor and not a direct employee of Interactive Investor. All correspondence is with Alistair Strang, who for these purposes is deemed a third-party supplier. Buying, selling and investing in shares is not without risk. Market and company movement will affect your performance and you may get back less than you invest. Neither Alistair Strang or Interactive Investor will be responsible for any losses that may be incurred as a result of following a trading idea.
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