Chemring facing key technical resistance
Shares in Chemring had managed to 'break-out' from the downward-sloping price channel in which they had been constrained since early 2011, but had yet to overcome a key level of technical resistance, Digital Look technical analyst Jose Maria Rodriguez said.
Aerospace and Defence
11,557.12
17:14 04/10/24
-0.22%
-25.97
Chemring Group
376.00p
16:44 04/10/24
1.08%
4.00p
FTSE All-Share
4,527.24
16:54 04/10/24
n/a
n/a
FTSE Small Cap
6,970.01
16:39 04/10/24
n/a
n/a
The stock needed to breach resistance in the form of its early-2016 highs at 204.5p.
Then there was the 200-week moving average at 210p to contend with.
So the shares were still facing a key area of technical resistance around 205p to 210p.
Nonetheless, should they clamber above it, that would mark a clear improvement in their technical aspect.