EMP following an upward channel. Buy at support slope

Last time we saw some bullish sign on EMP it was when it close the week at 11 per share forming an Engulfing pattern on weekly chart. Price have moved and registered some higher highs and higher lows thus forming an upward channel. Today our price pierced through the cloud although not so convincing because it closed just at the Senkou Span. This may result to a retrace and may find support at 11. Nonetheless I still think that EMP will continue to rise. Headwinds we will encounter should be an opportunity to add more shares as we drink EMPERADOR, moderately.

RSI or Relative Strength Index is still around 65. This is not yet overbought but we have seen EMP hit this level twice and every time it does, it retraces.

Caveat!

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felix

A computer engineer by profession and loves to develop online systems/websites. A self-taught stock trader who loves to share his knowledge and enjoys learning, expanding knowledge and staying well-informed. Most often he uses candlesticks, Fibonacci Retracement levels, Ichimoku system on his technical analysis but loves to hear some rumors as well.

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