Today’s instrument is Melrose Industries, a United Kingdom-based company focused on acquiring manufacturing businesses, traded in LSE under the ticker MRON.

Looking at its chart, we can see that MRON is in a downward trend in the past months, trading just below the 130 GBX.

At the end of the week, it is announcing its quarterly earnings, and if the market’s anticipation is positive, then we could expect it to test its resistance level at around 145 GBX otherwise it should test its first support level at around 125 GBX and if not able to hold above that level then it could reach its next support level at around 110 GBX.

(Click on image to enlarge)

More By This Author:

EURUSD: Can Be Seen Testing Its 52W Low
DocuSign: Price Expected To Rise Towards Its Resistance Level
USDJPY: Technical Correction Is Expected