Elmera Group ASA has broken through a significant resistance levElmera Group ASA, a Norwegian electricity supplier catering to both private and public residences and buildings, has experienced a downward trend from September 2020 to September 2023, characterized by consistently Lower Lows (LL) and Lower Highs (LH).
However, over the past five months, from May 2023 to September 2023, the stock has entered a sideways trend, and recently, it has broken through a significant resistance level at 24–25 Norwegian kroner. This market shift has led the stock to transition from establishing Lower Lows (LL) and Lower Highs (LH) to forming Higher Highs (HH) and Higher Lows (HL), indicating a clear change in the dynamics between bears and bulls.
Considering this shift in the market, a retracement to the former resistance level at 24–25 kroner, now functioning as support, could occur. This might provide a possible entry point for individuals interested in taking a long position.
Emphasizing the importance of considering both technical and fundamental factors, it is recommended to conduct thorough assessments, analyze trends, as well as support and resistance levels. Additionally, staying attentive to any news or events that may impact price movements is crucial. Do not overlook the necessity of a clear risk management plan and a thoughtful evaluation of portfolio diversification.
