FOR - breaking up soon?FOR was in a strong trend from June (pt A) till its peak on 7 Aug (pt B). It then went into 50% fib retracement over the next 2 months, hitting a possible final low on 6 Oct. A couple of bullish divergences between its price and RSI were also seen just prior to hitting this low.
What followed next was a bullish morning star pattern. Went long @ 26.35 on 10 Oct the day after this pattern was formed with initial stop loss slightly below the morning star's low @ 25.35.
Despite its long correction, the stock is still very much above its 200 day moving average.
Expecting that it will break out of it's downward trendline resistence soon.
Whether it could rise back towards its Aug's peak of 31.43 eventually remains to be seen. Will trail protective stops upwards from time to time.
Disclaimer:
Swing Trader here. This is just my own analysis and opinion for discussion and is NOT a trade advice. Kindly do your own due diligence and trade according to your own risk tolerance and don't forget that money management (ie trailing stop loss and position sizing) is (probably the most) important! Take care and Good Luck!
