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FAR 13.0¢

Technicals

  1. hardmano

    15,766 Posts.
    65
    No I don't trade on purely on charts, and yes I am holding on fundamentals long-term. But I do keep an eye on the share price action and may top up (some more) on a technical breakout which is looking likely. The chart formed a pennant between 27 January and 5 February and the last 2 days is looking to break upwards. It will need to go through the 100 day moving average at 9.4 cents and stay above it for some days before the breakout is confirmed. Alternatively of course it could break downwards, but with news expected, the oil price rising and buy-side volume remaining strong its looking more like an upwards breakout.

    Why not buy now you say? Answer is that I already have, and watching the chart is just another way of reassuring myself that those buys were a good idea. In addition to my current holding I would buy some more on an upward breakout to trade if the move is short-lived or hold if it goes on with the move. Purely another part of risk management.

    H

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