ElringKlinger came out of a symmetrical triangle on top and seeks for better places.

According to financial statements, the company has a promising future, in 2013 its earnings grew by 22% over prior year and results beat estimates up from analysts by 6%, €105 million against €86 million expected. ElringKlinger hold main operations in Germany and increased its sales on this country by 6% from 2012 to 2013. Shareholders could perceive €0.58 by the end of current fiscal period, thus a rise of 16% respecting those registered in 2013. Moreover a positive evolution of almost "all lines" on company’s income statement is anticipated in a two-year horizon.

Technically, the stock came out of a symmetrical triangle pattern on top and reinforced the bullish trend in the aftermath. Soaring prices are in the move and the EUR 33 resistance seems not far anymore. The equity could show wide-ranged candlesticks in coming sessions and accelerate its run toward higher levels. Indeed, moving averages in all time scales support the upswing.

Considering fundamental and technical analysis, a long position could be taken at current prices. The target price will be set at EUR 32.6. A stop-loss order could be placed at EUR 28.8.