It is usually the case that stocks or markets with the overall construction of new support coming in at and above former resistance are those where we can generally expect long term upside. This would appear to be what has been panning out on the daily chart of Empresaria Group (LON:EMR), where we have witnessed December – February support just below 40p overlap with the former 2013 resistance in that zone. Since then the stock has risen sharply, off the floor of a rising trend channel from December 2013. In addition we have seen a relatively easy clearance and then test for support at the 200 day moving average now at 47p.
It is usually the case that stocks or markets with the overall construction of new support coming in at and above former resistance are those where we can generally expect long term upside. This would appear to be what has been panning out on the daily chart of Empresaria Group, where we have witnessed December – February support just below 40p overlap with the former 2013 resistance in that zone. Since then the stock has risen sharply, off the floor of a rising trend channel from December 2013. In addition we have seen a relatively easy clearance and then test for support at the 200 day moving average now at 47p.
