JD (JD.US) stock rose 4.5% to an all-time high after U.K. sports gear retailer reported a strong sales during the Christmas season. Company upgraded its profit forecast for the fiscal year which ends on January 31 and expects that profit before tax will be over 400 million pounds ($540 million), more than one-third above the analysts' expectations. JD also provided optimistic profit guidance in the coming year. Company expects pretax profit increase in the range between 5%-10%, even though the pandemic situation continues to worsen in its UK home market. A record number of 68,053 new cases were reported on Friday, while number of hospitalizations and deaths stands well above the 2020 peak. If the current situation prevails, stores may remain closed for another 3 months.
JD (JD.UK) launched today's session higher and painted new all-time high at £9.26. However, the price quickly pulled back and is testing support at £8.84 which previously acted as a resistance. A break below this hurdle could herald a larger correction. Next support to watch lies at £7.95 and is additionally strengthened by 50 SMA (green line) and the upward trendline. Source: xStation5
