FCF is forming a high base formation, is it ready for break out?FCF is a bullish/strong fundamental stock and would be traded only on a long position
After a nice ride to the up, FCF runs into resistance at 16 even dollar amount and is now basing at this level. After a report, it increased its volume almost twice so this ride is confirmed by its volume action.
Volume is confirming this stock wants to move and wants to move hard.
It is above all major MA but it is a little bit overextended to the up.
RSI is overbought at the moment and needs to cool down for a healthy bull move and the same did create small negative bearish divergences.
MACD is extreme and is overbought.
Overall: even though the FCF indicator signaling price is overbought at the moment in this extreme market condition would not be surprised for the price to move strongly from here. For a nice and long ride to the upside would be best for the price to consolidate at this level and calm down before the explosive move up. Would be very positive to consolidate a few more days below the blue dotted line on a smaller volume and with a small candle and then start to break out of a bigger volume.
As it is bullish strong fundamental stock, would be traded only on the long position, but only after the blue dotted line is broken.
