Sports Direct Short @ 415
Technical:
After topping out early 2014 to the dizzy heights of 924 SPD formed a pseudo double top before aggressively selling off in late 2015. The impulsive sell off took the market down to a low of 220 in mid 2016 and from there the market structure has remind corrective and has found a significant resistance zone circa 440 - 415. Although bids appear to be climbing, the overall rhythm and structure of the market give way to sellers having another crack at the lows.
Fundamental:
The traditional retail sector is dying a slow and painful death with many companies in this sector on the slide thanks to modern tech behemoths like Amazon.
After topping out early 2014 to the dizzy heights of 924 SPD formed a pseudo double top before aggressively selling off in late 2015. The impulsive sell off took the market down to a low of 220 in mid 2016 and from there the market structure has remind corrective and has found a significant resistance zone circa 440 - 415. Although bids appear to be climbing, the overall rhythm and structure of the market give way to sellers having another crack at the lows.
Fundamental:
The traditional retail sector is dying a slow and painful death with many companies in this sector on the slide thanks to modern tech behemoths like Amazon.
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