Bullish on Empire
Empire Co. class A shares had a sharp rise from $39.33 in August, 2009, to $59.99 in November, 2010 (A-B). Subsequently, Empire pulled back to support near ±$52 (C), then resumed the uptrend to reach an all-time high of $64.24 (D). This new high exceeded the previous high in 2010 (B), which is extremely bullish. Empire has now returned toward its 40-week Moving Average, which should provide a good entry point (E). Only a decline below $56-57 would be negative.
Point & Figure measurements provide targets of $69 and $74.
Monica Rizk is the senior Technical Analyst for Phases & Cycles Inc. ( www.phases-cycles.com ). Ron Meisels is a contributor to the www.NA-marketletter.com web site. They may hold shares in companies profiled. Please see the site for a glossary. Chart source: www.decisionplus.com
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