The technical picture of the Hugo Boss stock (ETR: BOSS) on our 4-hour chart shows that today, the share price rose above the highest point of December, at 54.84, this way confirming a forthcoming higher high. At the same time, the stock continues to run above a short-term tentative upside support line taken from the low of January 18th. Even if the stock retraces somewhat, as long as it remains somewhere above that upside line, we will stay positive, at least with the near-term outlook.
Given the strong upmove today, we could see a slight correction lower, however, if the 54.84 hurdle continues to hold, BOSS may get picked up by the buyers again. The stock might get pushed to the current highest point of January, at 56.38, a break of which would confirm a forthcoming higher high. Such a move may open the door for a further move north, where the next target could be at 58.64, marked by the high of November 22nd.
The RSI is currently flat but remains well above 50. The MACD, continues to run above zero and the trigger line, while pointing higher. The two oscillators are showing positive price momentum, which supports the idea mentioned above.
In order to shift our gaze to some lower levels, we would prefer to wait for a break below the aforementioned upside line and then wait for a drop below the 53.16 hurdle, marked by the low of January 28th. BOSS might then drift to the 52.22 obstacle, or to the 51.38 zone, marked by the low of January 25th, where a temporary hold-up might occur. That said, if there are still no new buyers in sight, then the slide could continue and the next possible target may be somewhere near the 49.74 area, which is the low of January 18th.
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