JD Sports Fashion PLC - Weekly

UK?s JD wary of inflation but reasonably finding support with the hope of lower interest rates from BoE.

The stock is currently trading at £1.13 as it drops 7% prior to decision on interest rates. Although support seems fairly established with first support level at £1.08. Followed by this is a major support level at £0.99, a break below this point could see the stock slide towards the pandemic lows. On the flip side, utilising the Fibonacci retracement the first resistance level sits at £1.30 (23.6%). A break above this Fib level could see the share climb towards the 38.2% Fib where resistance sits at £1.45. This is much dependent on the BoE meeting today, if basis points are lower than expected, an opportunity for a bullish trend could become present. MACD remains slightly positive while RSI reads 40 (slightly negative).