Food Empire was a stock that we were analyzing on 31st May and mentioning that some down side were would good. It broke below our horizontal support of 0.725 and went to our target of 0.67. That’s close to a 7% drop. Using Poems Cfd to short would enable shortist to hold their position for more than a day. Taking some profit would be wise too.
Food Empire saw some rebound after hitting our support line and we might see some rebound maybe to 0.7 area. We will be watching now to see if 0.67 support holds and if that doesn’t then we might see more downside to 0.64. We’ll watch and see.
We’ll be holding a workshop very soon to share with all our readers very simple trend lines that we use which we post on our blog. Do stay tune.