In my previous chart (posted last Sunday), I mentioned that FBR...

In my previous chart (posted last Sunday), I mentioned that FBR might have formed an ascending broadening wedge (blue lines), with an underlying support of 0.055 (yellow line).

But that was before the $16 million capital raising outcome, which announced last Wednesday. It said that the raise was priced at 0.057, a 16% discount of the 15-day volume weighted price average. I have drawn that line in pink.

There was always a risk that FBR would plunge down to that pink line. It opened at 0.073, and while it slipped to an intraday low of 0.065, it closed higher at 0.074.

That intraday low of 0.065 was crucial; it tested the blue support line, but didn't fall lower. It's early days yet, but subsequent price action has stayed within the broadening wedge.

For now at least, there's a cushion between that blue line and the pink line (see green arrow):