Potential Sobeys to 30sThere is a chance that EMP valuation goes down to lower 30s as inflation and high prices will impact customers.
EMPA1/N trade ideas
Grocers to benefit from eat-at-home due to coronavirusAs coronavirus pandemic spreads, consumers will continue to work at home and eat-at-home. Prime beneficiaries will be grocers. Sobeys in Canada (owned by Empire Company) is also reducing costs rapidly and has a 'smaller' store format strategy across Canada. Synergies from its acquisition of Safeway's Canada stores continue.
Trading The Breakdown $EMP.AGoing short on a break of a long term level along with a short term ascending trend line.
- 34EMA has started to turn over, showing a possible change in trend
- RSI showing long term bearish divergence
- MACD bearish and soon to go negative
- Weekly chart looking very bearish
Profit target at the next support level
Trading within Channel-Weekly Chart
-Price moving within descending channel
-Buy approx 15.70
-Sell approx 18.40
