Invezz.com - UK stocks are doing well this year, helped by the general performance of global equities. The FTSE 100 index has risen by over 8% this year and is nearing its all-time high of £8,447. Similarly, the FTSE 250 index has jumped by over 14%. This article looks at some of the top active UK stocks and their outlooks.
Boohoo (LON:BOOH) share price analysis
Boohoo, the popular fast-fashion company, has been one of the worst-performing companies in the UK this year. Its most recent results showed that the company’s business was not improving.
Gross merchandise value (GMV) fell by 13% in the last financial year to £1.8 billion while its revenue dropped by 17% to £1.46 billion. Most importantly, Boohoo’s annual loss continued growing, reaching £151 million.
These results, and its forward guidance, mean that the company was not doing well and that its turnaround was taking time. They also mean that competition from the likes of Shein is taking a toll on the company.
The daily chart shows that the Boohoo share price made a strong bearish breakout in July after its weak forward statement. It moved below the lower side of the symmetrical triangle pattern that has been forming since December.
Now, the stock is forming a bearish flag chart pattern, a popular negative sign. Therefore, there is a likelihood that the stock will have more downside as sellers target the key support point at 20p.
BOO chart by TradingView
IAG stock price analysis
IAG stock | Chart by TradingView
International Airlines Group (LON:ICAG) (IAG) share price has done well this year, as it continued beating other airline companies like Southwest and Lufthansa.
Its jump also happened after the company reported strong half-year results. Its total revenue rose to over €14.7 billion while its profit after tax slipped slightly to €905 million. As a result, IAG has started to pay dividends.
IAG also boosted its forward guidance, helped by the strong performance of its North Atlantic business.
On the daily chart, we see that the IAG share price has bounced back after falling to 159.20p in July and August. It formed a double-bottom pattern and has now jumped above the neckline at 181.60p.
In most cases, this is one of the most popular bullish signs in the market. Therefore, the stock will likely continue rising as bulls target the key resistance point at 187.60p, its highest point this year. A move above that level will point to more gains as bulls target the key point at 200p.
Prudential (LON:PRU) share price analysis
Prudential stock | Source: TradingView
Prudential is a leading company that offers insurance solutions in emerging markets. Its area of interest is mostly in Asia and Africa and its stock is traded in London, Hong Kong, Singapore, and New York.
Prudential share price has not done well in the last few years. It peaked at 1,340p in 2023 and has crashed to 640p as concerns about its business has remained.
The most recent financial results showed that its new business profit rose by 8% to $1.46 billion while its adjusted profit rose by 9% to $1.5 billion.
The company hopes that it will have a compounded annual growth rate of between 15% and 20% by 2027. It is also repurchasing stock worth over $2 billion.
Prudential stock has been in a strong bearish trend in the past few months. In this period, it has formed a descending channel shown in green. It has also remained below the 50-day and 100-day moving averages. The MACD indicator has also moved below the neutral point.
Therefore, while Prudential is a fairly undervalued company, I suspect that the stock will continue falling as sellers target the key support to watch being at 600p.
Helium One stock price analysis
Helium One stock | Source: TradingView
Helium One is a mining company with primary operations in Tanzania. Its goal is to become a major helium producer. Helium is an important lightweight gas that is widely used in balloons and airships, medical machines like MRI, semiconductors, and welding.
Helium One share price has not done well over the years. It peaked at 28.90p in 2021 and has dropped to 1.35p. The stock was in the spotlight this week after the company agreed to acquire a 50% stake Blue Star Helium project in Colorado.
The management hopes that the Colorado project will help it expand its footprint even as Tanzania remains its main focus. It also continued drilling its Tanzania project, reaching 168 meters.
On the weekly chart, we see that the Helium One stock price has moved sideways in the past few weeks. It has also remained slightly below the key resistance point at 2p. Also, it has formed a symmetrical triangle pattern and has remained below the 50-week moving average.
Therefore, the stock will likely have a bearish breakout as sellers target the next point at 0.1282, its lowest point earlier this year.
This article first appeared on Invezz.com
