ADIDAS STOCKS TOUCH RECORD HIGH AFTER PROFITS BEAT ESTIMATES
Adidas ‘stock is currently trading at 244.75-higher by 6.92% as compared to the previous closing price. The stock surged more than 7% to a new record high earlier in the session, according to Reuters.
The German sportswear maker reported 17% growth in first-quarter net profit on Friday, thanks to booming online sales. Adidas said that Q1 sales grew by a currency-adjusted 4% to 5.883 billion euros. Sales were above the market expectation of 5.8 billion euros.
The German Sportswear maker said that its operating margin grew 1.4 percentage points to 14.9% in the first quarter. Adidas also said it hoped to fix supply chain problems in the North American market and revive growth in Europe by the end of the year.
On the technical front, the RSI is currently at 78.68% and suggests that the market can move in the upward direction. The current price is above the MA5. The %K has crossed the %D from below to the upside at around 54% and suggests that the market can move in the upward direction.
TRADE SUGGESTION- LIMIT BUY AT 244.60 TAKE PROFIT AT 245.60 STOP LOSS AT 244.10