The ASOS Plc (LON:ASC) share price is heading to around £56 in the coming weeks and months, according to King of Charts Zak Mir, who highlights a solid chart and a solid fundamental background for the AIM market’s biggest company.
“The chart probably says it all,” Mir says in a TIP TV segment for Proactive Investors.
The popular chartist notes the recovery following the year’s low of £25 in February.
“That was the weakest part of the year. Since then we’ve broken above the 200-day moving average in March,” he says.
“We had the 50-day moving average and 200-day average crossing in April, which is again a positive construction for the technical, and since then a rising trend channel from May is pointing towards a £56 target.”