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Watches of Switzerland Group: Will WOSG Stock Retest £840 Mark?

  • Watches of Switzerland announced its H1-2023 report on 13 July 2023.
  • WOSG stock is trading at £728.5 while witnessing a gain of 6.27% during the intraday session.
  • The year-to-date return of WOSG stock is -15.25% and the three-month return is 1.23%.

The WOSG stock is currently hovering in the consolidation zone between £760 and £670. The current sentiment of the stock price is in a bullish trend as for the intraday session. It surged about 6.27% in a day and is trading at £728.5. 

Source: Watches of Switzerland by TradingView.

The WOSG stock had achieved an annual high at the £1037 resistance level in early 2023. It fell significantly from there and experienced a drop of roughly 20% in just one week. The meltdown reflects the thorough participation of sellers in the market. However, the price halted multiple times at high resistance levels. 

The power seeker bulls gathered strength to shuffle out the bearish momentum on 2 May 2023. They succeeded by forming a predominantly high resistance level at £899.5. The bears were closely watching the bulls’ move and waiting for the right time. 

After a long-awaited bullish move, bears heavily struck down the price and dragged it to a new low level. It was observed as an annual low at £585 on 7 July 2023. The price remained in a downtrend until 13 July 2023, when the Watches of Switzerland released H1-2023 results. 

Watches of Switzerland Released H1-2023 Results on 13 July 2023

The long march of the bearish run was tremendously affected after the H1-2023 report released by Watches of Switzerland Group. The half-yearly consensus performed differently than the expectation. Although, the bulls of the market perfectly benefited from the opportunity.

Moreover, the H1-2023 financial year report showed pessimistic results with a surprise of -£0.96 EPS (earning per share), while the reported EPS was -£23.91, and the estimated forecast was -£24.87.

Will WOSG Stock Escape The Consolidation?

Recently, WOSG stock revealed a hike of around 6.27% in the intraday session. The current candle broke the previous candle’s high. If this trend remains constant, the price might escape the consolidation. It will probably retest the significant resistance level of the £840 mark.

On the contrary, if the bears gain strength again and pull the price downwards, the price might melt towards £640.

Source: (LSE: WOSG) by TradingView.

The Chaikin money flow (CMF) score is 0.02 during the intraday session. It indicates slight strength and the possibility of a further hike.

The relative strength index (RSI) trades at 49.37, indicating neither strength nor weakness in the market. It shows the price might consolidate.

Conclusion

The price was in a strong downtrend during the past few months. The price bounced back from the £600 and surged above the £700 level as June came, but was stuck in consolidation. The WOSG stock is trading above the 20, 50, and 100-day EMA. If the bullish trend sustains, the price will eventually retest the 200-day EMA as well. 

Technical Levels
  • Major resistance: £1037.0 and £1036.0
  • Major support: £585.0 and £645.0
Disclaimer

The information provided in this article. Including the views and opinions expressed by the author or any individuals mentioned, is intended for informational purposes only. It is important to note that the article does not provide financial or investment advice. Investing or trading in cryptocurrency assets carries inherent risks and can result in financial loss.

Categories: Markets News
Ritika Sharma: Ritika Kumari Sharma is an Economics Honors graduate from the University of Calcutta. She is completely into finance and believes that cryptocurrencies are the future. She is an enthusiast learner about the cryptocurrency and blockchain technology.