The JD Sports Fashion share price has catapulted to the top of the gainers’ list on the FTSE 100 after the company reported record earnings ahead of the holiday shopping season.
Half-year profits for 2021 topped 439.5 million pounds, more than seven times the projected profit of 61.9 million pounds. The surge in company profits was spurred by the easing of lockdowns, allowing people to patronize sports shops as they looked to get back in shape after months of being forced to stay indoors.
The company also provided upbeat guidance on its year-end earnings, expecting to double the previous year’s numbers. The JD Sports Fashion share price is now trading at all-time highs after surging 9.2% to trade at 1145p as of writing.
JD Sports Fashion Share Price Prediction
The Fibonacci extensions from the XA wave of the harmonic pattern indicate that price has met resistance at the 1148.5 price mark (227.2% Fibonacci extension). This move came as the upside gap overcame the previous resistance at 1062.5 (161.8% Fibonacci extension). A further advance could take the stock towards 1193.5 (261.8% Fibonacci extension).
On the other hand, a decline from the current resistance could target 1062.5 if the bears aim to close the upside gap. 1036.0 (141.4% Fibonacci extension) and 1017.5 (127.2% Fibonacci extension) could serve as additional downside targets if the correction from Tuesday’s surge continues.