Good chance of FML getting to 8 cents this time round. And if FML breaks out through the upper median line parallel at about 8 cents then we may see her go higher still. Lets hope that we are seeing the beginning of the long-awaited surge in the mid-tier producers following the recent run-up in the gold price. That purchase by Van Eck Associates may well be the trickle that becomes a flood. And if you like indicators check these out.
1. FML is now beating the XAO for the first time since the major XAO bottom back in April this year. Doesn't say much for FML's performance since April though.
2. FML is performing 25% better than the XAO since the last intermediate XAO low back in August 2011
3. FML is performing nearly 20% better than the GOLD fund (ASX) since its last intermediate high last month.
4. Volume indicators are holding up, although they are not so strong as to indicate a major short-term rally for FML
5. Bounce off median line of pitchfork seems strong enough to take us to about 8 cents short-term
6. FML is now running above the 10, 20, 50 and 200 day SMAs. Watch for the golden crossover next. Should it occur then we could be off to the races.
FML Price at posting:
7.6¢ Sentiment: Hold Disclosure: Held
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