It seems fair to say that over the past year the technical and fundamental picture at Newmark Security would appear to be perfectly aligned. This is said on the basis that the dividend paying, profits growing group has seen a decent looking charting build since the beginning of last year. A positive highlight of this is the way that for most of 2014 support on dips came in at or just below the rising 200 day moving average.
The fact that the 200 day line is in the ascendancy suggests that we will be treated to a sustained move to the upside, and such a move could be significantly great than what has already been achieved since the beginning of 2015. This is because the charting pattern of the past couple of weeks is a bull flag with its support resting well above former resistance from late 2014 towards 2.3p. Indeed, the expectation now is that provided the floor of the February bull flag / 20 day moving average at 2.65p is held on an end of day close basis we should be treated to an acceleration / new leg to the upside over the rest of February and March. The favoured target at this point is the top of a rising trend channel from June last year at 4.25p.
