PeakTrader.com

[arthur]

The FMDAY daily chart shows a large recent gap, when earnings were reported. Consequently, there has been resistance at around 0.90. However, there has also been significant support at 0.82. FMDAY has been making higher highs and higher lows, causing the 50 day MA to flatten. I bailed-out of FMDAY, at 0.87, because I didn't believe there would be enough volatility to trade for a while. If FMDAY falls to 0.82 or 0.83 that may be an opportunity to buy a small position. If FMDAY falls lower, e.g. to 0.75, that may be an opportunity to buy a larger position. Longer-term, FMDAY may rally well above 1.20, perhaps on stronger fourth quarter earnings and 2005 earnings expectations.