Saturday, July 26, 2008

FRPT - Head and Shoulders Bottom

FRPT - Nasdaq.  Force Protection has completed a Head and Shoulders Bottom after breaking out above resistance yesterday.  I would like to see the volume expand more, perhaps to around the 3-4m before getting involved.  There’s a lot in favor here - OBV is rising since the March low implying the buyers have resumed control of the stock.  The target price for the pattern is around 9.00 and there’s a pretty big gap to close around the 15.00 so a good stock to keep an eye on.

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