Technical outlook – Putting aside the fundamentals (for the moment), approaching Accent Group Limited (AX1) share price from a technical perspective, it is assessed that since the break above $1.50, back in August, (AX1) has maintained to a relatively bullish trend for nearly three-months.
Along with two rejections in front of the suggested support at $1.50, it is evaluated that the market bulls are now in a prime position for an impending bull-run.
Along with the Moving Average Convergence Divergence (MACD) and the 3-day lookback Relative Strength Index (RSI) indicators shaping up to support this assessment, we believe the bulls will reclaim the helm and navigate this share price to a potential target of $1.68. Reassess from there.
Company Overview – Accent Group Limited (AX1, formerly RCG Corporation Limited) is the retailer and distributor of performance and lifestyle footwear, with over 420 stores across 10 different retail banners and exclusive distribution rights for 10 international brands across Australia and New Zealand. Former Names: Retail Cube Limited (RCG), 03/01/2007; RCG Corporation Limited (RCG), 28/11/2017.