Arkema (AKE:EPA): 200 Day Line Break Targets €100 Plus

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There has been a solid looking recovery for Arkema since the beginning of January, with a V shaped recovery, helped along by an as yet unfilled gap through the 50 day moving average.

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Now with the stock clear of the 200 day line at €92.74 one would expect a further squeeze higher as bears are caught on the wrong foot. The notional target here could and should be as high as the top of a rising trend channel with its resistance line heading above €100. Only well back below €90 really upsets the idea of further progress to the upside.

Author: Zak Mir

Financial commentator, interviewer, technical analyst

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