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The Next share price finished a whopping 7.5% higher yesterday, as investors cheered the firm's impressive second-quarter sales. Next plc (LON: NXT) reversed its recent decline on Wednesday after the fashion and furniture house revealed an 18.6% jump in sales in the last quarter. Furthermore, with the UK economy open for business, the retailer is hitting its stride just at the right time. According to the firm, pre-tax profits for 2021 could reach as high as £750 million, increasing more than £30m from last year. Some analysts predict the next three months may offer even more favourable trading conditions: “Don’t forget, consumer wallets are heavier with spare cash than usual too, with a lack of foreign holidays and increased savings during the pandemic, giving them the confidence to go out and splash the cash on new outfits and homeware. This has a positive read across for the rest of the discretionary consumer sector – rather than hoard the spare pennies, it looks like people are happy to spend them,”Sophie Lund-Yates, Senior Equity Analyst at hargreaves Landsdowne The retailers' strong showing had lifted the Next share price to a record of 8,404p earlier this year. Although coming into the week, the price had given back 14% from the 6th of May all-time high. So considering the confident trading forecast, could Next soon be setting a new record? NEXT Plc price forecast The daily chart highlights the stunning reversal in the share price. Notably, last week saw an acceleration of selling, which continued through Monday of this week. This is likely due to some profit-taking ahead of yesterday's trading statement. Subsequently, on Monday, the Next share price closed below the 200-day moving average for this time in almost a year. Crucially, Wednesday's spike not only recovered the 200 DMA at 7,462p but surpassed the 50 DMA at 7,954p and the 100 at 7,919p. However, by the close of play, NEXT had lost the 50 and 100 DMA's, settling just below the two. If NXT clears 7.954p on a closing basis, the price should extend to the top end of a rising trend line from December 2019. The trend has proven a significant resistance level and has been the catalyst for reversals from three previous 2021 (and all-time) highs. Should this play out, it would result in the Next price setting a new record for the fourth time this year. However, below 7,954p is a different matter. If the price stalls here and reverses, the 200 DMA at 7,462p becomes a logical target. Although considering the momentum, my money would be on a new ATH first. Don’t miss a beat! Follow us on Telegram and Twitter. Next share price chart Follow Elliott on Twitter.

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