The FAR price continued to fall from 10/11/2014 due to the price of oil falling off a cliff.
This is evident if the price of crude oil is superimposed over FAR.
Refer to FAR Chart below.
(https://www2.commsec.com.au/Private/MarketPrices/Charts/Charts.aspx?stockCode=FAR)
To have got into FAR from 10/11/2014 without any attention to the slumping price of oil was inviting trouble, based on a gamble that somehow the price of FAR would hopefully reverse.
From 10/11/2014 (from the time that news of the oil find was released to the market), FAR’s price reversed.
When we look at the price of WTI crude oil, it had already reversed from 26/06/2014 (at USD $107), and continued into a free-fall. Its steep descent to ~ USD $55 caught may by surprise. Thus many that still held on to FAR have lost a lot of money, due to not paying attention to where the price of oil was going.
So how much lower will the price continue to fall?
For the price of oil, there is a possible support level at USD $53 (according to the 2nd Chart: refer below link).
http://www.dailyfx.com/forex/technical/elliott_wave/oil/2014/12/11/eliottWaves_oil.html)
If the price of oil at USD $53 at is reached, but holds & reverses from that level, some additional confidence & further demand may come back into the price of FAR.
There may be room for celebrations & further hope for FAR if the price of oil at USD $53 holds.
But the message is simple & clear: WATCH OUT FOR THE PRICE OF OIL & IT’S REVERSAL.
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Open | High | Low | Value | Volume |
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1 | 50000 | 0.460 |
1 | 50000 | 0.455 |
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1 | 3000 | 0.445 |
Price($) | Vol. | No. |
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