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FSL Trust: Sold some at 47c.

Thursday, December 30, 2010

I shared on 21 Dec that I had an eventual target of 47c for FSL Trust, saying that it would close the gap at 46c which it did on 23 Dec. Gap resistance was later taken out on 29 Dec. As price opened at 47c today, my overnight sell queue was partially filled. Could we see the 21 Oct high of 48.5c tested next?

With the MFI and RSI both in overbought regions, further upside from the current level could prove difficult. Although momentum is clearly positive as suggested by the rising MACD in positive territory, the light trading volumes as price rose suggest a lack of sellers and not an abundance of buyers. Sustainability is in question.

In a benign situation, I expect gap resistance at 46c to become support in the near term. This is further strengthened by the uptrend support line. Technically, the worst seems to be over for FSL Trust and a retest of resistance at 48.5c looks likely in time.

Related post:
FSL Trust: Closing the gap soon?


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