Brits flocked to Wetherspoon's on its biggest Saturday of the May Day holiday weekend, raising its estimate on Wednesday for record annual sales. Shares are up 5.5%.

Brits flocked to J D Wetherspoon on its biggest Saturday of the May Day holiday weekend, fueling the pub chain's estimate on Wednesday for record annual sales and earnings that exceeded analyst forecasts. The company's shares increased as much as 9% in early trade to 814p, its highest level since April 2022. Its stock is still currently up 5.5% and is trading at around 785p a share. Since the start of the year when the stock managed to consolidate, the price has been in a bullish trend and there are no signs of slowing down. Further resistance levels above sit at 849p then at 932p and then at 989p. A move above 989p could see a stretch to as high as 1100p. The first line of support below sits along the ascending trendline at 741p then at 672p. A break and close below 672p may see the price fall lower towards 552-569p. Looking at the indicators, MACD is strongly positive and so is RSI as it reads 76. Although, RSI does indicate that the stock is currently ‘overbought’, hence, there soon may be a slight retracement before any further upside.