JD Sports Pullback To Round Number

I last posted on JD Sports, a popular clothing brand and UK stock, back on April 11th when price had gapped up on a positive earnings release.

Ideally, what we would like to have seen is the gap up inject some momentum into this stock but that has since failed to materialise. Price went a into 2-month consolidation and in recent days pulled back to the round number 400.

We would now like to see this hold strong as support and for a bounce back to the upside.

Looking at the monthly time frame above below, there was bound to be a correction given the bullish trend in play since price found support at 200.

The weekly time frame below still suggest a bullish trend with price trading above the 200sma and the 50sma. The Dynamic Trader trend filter has turned black suggesting a breather period. I want to see price bonce off 400 and for the trend filter to turn back to green suggesting a continuation of the bull trend.

The daily timeframe below shows that the bias overall is also still bullish with price trading above the 200sma but the 50sma is now acting as resistance. The Dynamic Trader trend filter has also been red for several days suggesting a bear trend is in progress. Is this a short term move against trend or the start of a long term bear market?

As long as the trend filter on the weekly stays black and price remains above 400, I will keep hold of my long positions. If price breaks and closes below 400 and the trend filter on the weekly turns red, I will look to tighten stops and exit all multiple compounded long positions which have been in play since last year.

This has been simple and very profitable trade to have taken full advantage of to date.

It is now a waiting game and I will let price dictate what course of action to take next.

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