18-Jan-2024 : Keeping it Simple with Price Action & Technical Analysis..
The stock of FPR came in my screener today.. I don't hold it yet, but the price action looks quite promising. My analysis can have mistakes to DYOR..
Looking at the Weekly chart of FPR since March'2022; 1. We can see a clear resistance zone that got created around 2.85 in Mar'22, and since then.. the stock has been in a loooong consolidation. 2. It hit a bottom in Nov'22, and since then took a slow climb up 3. It retested its old resistance in Sep'23, and failed. Good thing is, the low was higher than the last low. 4. At end of 2023, it retested the resistance again and passed it successfully. 5. Classic case of Support / Resistance flip.. A new Support Area is now established that would now be checked it it holds successfully. 6. If it does, and crosses the new high, then the stock price may be up for a good run in 2024. 7. For the trained eyes,... what you also see here is a classic Cup & Handle formation...
Good Luck.
FPR Price at posting:
$3.06 Sentiment: Buy Disclosure: Not Held
A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.
(20min delay)