Stock Chart FPP

Posted by downtowntrader | 6/15/2008 10:11:00 PM | 0 comments »

Stock Chart Analysis FPP

Fieldpoint Petroleum Corporation (Public, AMEX:FPP)

Junior Oil stocks have been going ballistic recently, and several of them have been consolidating over the past two weeks. While most of these look extended, as simple as it sounds, the fact that they are not going down shows buyers are stepping in on any weakness. FPP has been trading in very tight narrow range candles the past five sessions, showing that bulls and bears are at a stalemate. Whichever way it breaks will find a group of traders scrambling as stocks usually explode after strong volatile moves followed by extreme contraction in volatility. FPP looks like it is trading in a bull pennant with volume contracting nicely as it consolidates. These patterns usually resolve to the upside as continuation patterns, so I am looking at a break of the recent narrow range candles as a potential signal that the uptrend is resuming.

Good Trading,


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