Image Source: Pixabay

Below is a daily stock price chart of Marel which is a key company in the Icelandic stock market. In mid-November of last year, I mentioned here the important 569-570 resistance level, in which the price has since tested three times from below. It looks like Marel´s stock price is now consuming enough energy to be able to finally move through that level. If that happens and for me to trust such a break, then price must close convincingly above 570 for at least two trading days and hold that level on any down move in terms of closing prices.

In the case of a successful breakout, I have drawn in the next potential targets for the stock price; first at 632-669 (the large price gap from July 2022) and then at the July swing high at 700 ISK/per share. 

(Click on image to enlarge)

More By This Author:

Bank Index Finally Wakening
Value Line Geometric Index At Important Inflection Point
STOXX Europe 600 Index Potentially Reversing To The Upside