Danish OMX:FLS is a mining- and cement company. The financials of the company has been stressed for a long time like the entire sector. Recently the commodities AMEX:DBC has started to outperform the broader stock market which could indicate a shift in sector sentiment.
From a technical perspective we have seen significant support at the annual report ("Årsrapport") level from February this year. Furthermore the price has climbed above important horizontal volume level at approximate 255 DKKR and is trending well above it's MA.
I am looking for a target at hidden volume level around 305 DKKR. This level has confluence with a Gartley pattern as well.
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FLS currently (only) up approx. +1% at the moment. Sideways action the since call.
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Disappointing earnings. I expect the price to return into 240-242 DKKR range.