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...
- An inverted head and shoulders pattern has formed with a break off the neckline today
- Due to the FOMC meeting, it would be wise to see if the market reacts positively before entering long
-- MANAGE YOUR RISK - -
Disclaimer: All ideas are my opinion and should not be taken as financial advice.
NYSE:FOR
