Just Group PLC: JUST Stock Price Is Experiencing A Relief Rally

• Just Group announced its H1-2023 report on 15 August 2023.
• Stock slid 0.40% in the past intraday session and is currently trading at £75.1.
• Just Group’s share has lost roughly 17% of its value since the declaration of the half-yearly results.

Just group stock price has been dragging along in a declining trend since 8 March 2023, when it achieved an annual high at £96.4 resistance level. The stock fell towards the support of £74.3, then bounced back and surged towards the resistance level of £93.0.

JUST stock price stayed near the £93 level for about 40 days with a fluctuating momentum, but it did not sustain there and plunged about 23% with a vigorous fall towards the support level of 72.3. The predominant power struggle between bulls and bears drastically affected the performance of JUST stock in all aspects.

Moreover, the sudden fall was so impactful that the gravity of it forced the stock price towards the annual low. However, the buyers demonstrated their strength, and the price returned with an upward “Double-Top” pattern.

Just Group Announced H1-2023 Report 

Just Group announced its first half-yearly financial report on 15 August 2023. The reported results show profitable returns in EPS and revenue. The reported EPS (earning per share) reflected an outcome of £0.1808 EPS compared with the estimated figure of £0.0717 EPS.

Meanwhile, the reported revenue reflects a positive outcome of £1.90 Billion compared with the estimated revenue of £1.65 Billion. However, Just Group’s share has lost roughly 17% of its value since the declaration of the half-yearly results. 

The weekly return of 4.10% indicates that buyers might strengthen the stock price further. On the other hand, if the buyers fail in their mission, the price might fall and achieve a new annual low near £70.

Will the Relief Rally Sustain?

Just Group stock price is trading below the 20, 50, 100, and 200-day EMAs, denoting bearish dominance in the price action. However, the current bullish sentiment may have the potential to retest the 20 and 50-day EMAs, and if more bulls join the rally, then it will retest the 100 and 200-day EMAs as well.

The RSI is at 41.57 points, which indicates slight strength, while JUST stock price is advancing through a relief rally after a predated downtrend momentum in the market. However, the CMF is hovering below the 0.00 level, with a score of -0.19 during the intraday session, reflecting a rise in sellers’ participation in the market.

Conclusion 

The market scenario represents that the JUST stock price faces a relief rally after a power struggle between bulls and bears. The H1-2023 report reflected profitable results, which elevated the market capitalization of Just Group PLC by £780.06 Million and the average volume by 1.45 Million. 

Technical Levels 

Major resistance: £96.4 and £94.3

Major support: £72.3 and £71.3

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.