This week, Food Empire caught my attention with their potential bullish chart developments amid volume expansion. This may be an opportune time to take a look at Food Empire on the back of its potential bullish chart and strong results released this evening. Do take a look at the basis and more importantly, the risks.
A) Chart looks positive with strengthening indicators and volume
Based on Chart 1 below, Food Empire has been trading in six-month trading range $0.490 – 0.550 and is now on the verge of challenging its key resistance around $0.550 with increasing volume. It closed at $0.540 on 11 Nov 2019. Amid the positively placed DIs, ADX closed at 37.7 on 11 Nov 2019, indicative of a trend. All the exponential moving averages (“EMAs”) are rising with golden cross formations. In addition, indicators such as MACD, OBV and RSI are strengthening. MACD has done a