FPH - possible ascending triangle

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FPH = 79.5 (7.9%)

Looking at the white candle and gap up that FPH formed today, one would be lead to think that this acceleration is the return of the raging bulls for FPH.

Again, when you look at the chart you will see that the big white candle was not given enough volume. One would also see that while FPH did produce a big white candle... it also produced a long wick on top that might indicate a level of uncertainty around those prices...

The good: since FPH crossed and closed above the 130MA it will now serve as its support. Add that to the possible support of the gap between 77-77.5 which was a previous resistance. And most of all the gap it made today at 75.5-76.5 and the 32MA :)

Resistances: possible resistance at 80 (the supply line of a possible ascending triangle) and65MA (81)

Good luck to all FPH traders :)

Disclosure: Have position at 80.5 months ago, which I held till the high of 92 and the recent low of 68... talk about hope and greed...

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