FIO Chart for Monday, December 12th 2011

Technical Analytics for FIO (notes to follow):

  • Chart showing head and shoulder pattern…major downside reversal pattern
  • Immediate support in the $25 area
  • MACD showing negative momentum
  • FIO  is oversold…if it does turn around, then next upside target is in the $30 area
  • If FIO continues bearish behavior, then the downside targets are in the $22 area followed by the $18-$19 area
Courtesy Barry Bergman at BLUE COLLAR INVESTOR

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