Delek poised for breakout [pg. 16]

May 4, 2006 23:25
1 minute read.


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A look at Delek Group, the gas-to-real-estate holding company, finds its shares standing on the verge of a chart breakout. According to technical analysis, a breakout occurs when the price of a stock increases above its previous high point and the price is expected to continue rising for some time. Delek shares completed their last breakout at the beginning of April, attacking - and then, eventually, conquering - their previous record high of 72,585 agorot. Between the 4th and 9th of April, the stock tested the resistance level at 72,585, finally breaking decisively through it and heading upwards. The rally continued in a straight line until the stock was up nearly 10% on its previous high. Since then, the stock has retraced somewhat, although buyers stepped in at 76,000, a process that was repeated a week later. This indicates that NIS 76,000 has become the new support level for the stock. Thursday's rally back towards NIS 80,000, where there has been resistance of late, means that Delek shares are once more poised to attempt a breakout. If the stock closes above 80,000 and holds its level for the next two or three sessions, the shares then will have breached resistance and the stock should continue its ascent in the short-term. Technical analysis is the study of trading based on previous performance, focusing exclusively on price movements rather than the fundamentals of the stock involved.

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