FYI is no stranger to large retracements. On Friday it dropped 44% from its weekly high, and has previously dropped a similar level back in January 2021, dropping 40% over the course of 3 weeks from 50c to 30c. This reflects the amount of fast money that comes in and out of this type of stock. At that time, the chart looked just as daunting as it does now. It only took a few weeks back then to regain those losses and I think we could be in for a similar reaction as the market digests this news and realises the value and upside potential of the new deal.
I've based the pitchfork off the January retracement for some idea of support/ resistance over the next few weeks. Key areas of support are around 50 and 44 and resistance at 60, 66 and 75.
FYI Price at posting:
53.0¢ Sentiment: Buy Disclosure: Held
