Empire Company (EMP.A-T) declined from $46.04 to $33.09 in 2022 (B), had a recovery rally to $40.69 in 2023 (C) and then declined slightly below the previous lows earlier this year (D – shaded area). From there, Empire started a powerful up-leg that exceeded the 2023 high as well as the 2022 high to signal the start of a new uptrend toward higher targets (E).
Behaviour indicators including the rising 40-week Moving Average (40wMA) and the rising trendline (solid line) confirm the bullish status. There is good support near ±$40; only a sustained decline below this level would be negative.
Point & Figure measurements provide an initial target of $49. Higher targets are visible.
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Monica Rizk is the Senior Technical Analyst of the Phases & Cycles publication (www.capitalightresearch.com).
Chart source: www.decisionplus.com