Sunday, April 4, 2010

Stock Stalking , Foster Wheeler

When stalking for potential buys this weekend I came accross a nice inverse head and shoulders pattern on Foster Wheeler. ($FWLT)


The Daily chart looks good:



A little further investigation revealed this nasty looking weekly chart though:


With the market in an overall uptrend, it could break out, watch for a close above 32 on high volume and keep your stop tight, this could be a bull trap.
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2 comments:

  1. JDRApril 6, 2010 at 12:37 AM

    I may have missed this one, waiting for a pullback.

    ReplyDelete
  2. JDRApril 7, 2010 at 8:12 PM

    I got over exuberant and got long yesterday at 29.97, of course today we got that pulback.

    ReplyDelete

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