JD Sports Positive Earnings Release

JD-LON is a stock that I have posted on several occasions with the last blog post written on the 24th of March when price was a 380.

Since then, price has continued its bullish ascent with a break and close above 400 yesterday. Today saw price gap up and soar to a high of 460 in reaction to today’s earning release.

This has been a stock that I have been in since last year and one that I have repeatedly compounded on since my first entry.

Price is now reaching a key level in the half figure 500, where price may potentially find resistance. Ideally, I’d like to see the momentum of the trend break this key level and for price to then move towards 1000.

My bias is in the direction of the trend at all times as support and resistance levels get broken when price has a trend direction to it.

By understanding where price is in relation to support and resistance levels, and the strength of these levels, will then determine how I manage my stoploss.

This UK stock has risen just under 40% since entering last year and looks strong for a trend continuation.

This has been a simple trade to take advantage of. I am now waiting to see how price closes by the end of the trading before making any decisions to add further positions.

Patience for now.

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Zaheer Anwari

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