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Old 04-10-2010, 05:47 PM   Nav to Top  #1
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Default FNF - Fidelity National Financial

Fidelity National Financial (FNF) reached three support levels at once: MA (34), uptrend line and the previous top at $14.40. See the chart below.

Daily chart of FNF

Beside that, as you may see, there is a reversal candlestick pattern - High Wave, the previous bar with long lower shadow. This means that sellers couldn't push the price lower, below the support levels mentioned before. After that we had a confirmation, a weak one though.
The forecast is presented on the chart above. Be aware that if the price breaks the level of $14.40 and goes lower the trendline, we should close long positions.

Arguments for upside movement:

* the price is above MA (34);
* the price couldn't break the upward trendline and break the support level of the previous top at $14.40;
* recent downside movement has features of a correction that means that the rally will continue soon;

Arguments for downside movement:

* confirmation (the last bar) of the High Wave pattern is rather weak, the price couldn't go higher than the middle of the long red bar;
* 3 Inside Down pattern (not indicated on the chart) few days ago.

Full analysis of Fidelity National Financial (FNF)
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