FGL 0.00% $5.38 foster's group limited

Hanging on a thread 'technically'

  1. 1,285 Posts.
    lightbulb Created with Sketch. 15
    Hi,

    Anyone follow the FGL daily graph? It was a text book bounce downward of its resistance line at $4.74. Now its testing daily support at around $4.66-$4.67. Its right on the line and its all getting rather sqeezy with the triangular formation.

    Something will give soon. This type of pattern almost always suggest a sharp move. The direction of the move is usually unknown. Could be up or down. But its recent history shows a succesion of faltering rallies. Technically, it would be an awesome spot to snag a takeover offer! Fundamentally, its very cheap but looks rather bearish on the charts.

    Any other views please?

    Skippa
 
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