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
FGL Price at posting:
0.0¢ Sentiment: None Disclosure: Not Held
