Accent Group is a $1.1b retailer known for operating business such as The Athlete’s Foot, Sketches, and Hype DC.

“Retail stocks have traded very well coming into reporting season,” Michael said.

“Results released so far from some of the other retail stocks have on average been better than expected.

“With Accent Group due to report in a week’s time, it is also on the move.

“Looking at the price action, we can see that AX1 had formed a clear line of resistance near $2.15.

“The past several weeks had also seen it consolidate under that line (circled) as it prepared for a possible upside break.

“That upside break finally occurred this week on good volume.

“This is a classic breakout buy signal and we expect AX1 to rally higher and retest the 2023 high near $2.60,” Michael said.

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