FGEN is on a fresh 2 and a half year high, as it finished today's trading at 14.52, a level not seen since June 2008. With a strong close and with healtyh volume, the next target in sight is the 15.80 area, and this is only the beginning.
To postion for this trade, try to wait for a pull back, and to a price as near as possible to 14.30, the break out point.
Zooming out from the chart, FGEN appears to have broken out from a cup and handle formation area pattern, giving it a price target of at least 18.00, within an 8-month time frame. So for long-term positioners, FGEN looks good and safe bet. For swing traders, 15.80 is good immediate price target.
Power companies now seem to take center stage, with FPH also making a continuation move from a flag formation to finish up by 3.3%, and EDC consolidating within an area formation where a significant price action may be imminent. AP, however, lags behind. But its long term uptrend remains intact.
Returning to FGEN, 14.20 might be a good tigh-cut level, with 13.20 as the absolute cut level.
No comments:
Post a Comment