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Post by TradingForGod on Sept 30, 2004 22:12:24 GMT -5
Polish asked me to take a look at FBR (Friedman Billings Ramsey Group), so I thought I would today. The chart below shows that it has been in a six week rally that peaked last week right at the swing high from last June right near $21. It has since dropped back to 19ish. The 20 and 40-day MAs as well as the lower BB are just below between 18.50-18.00. 18.00 is also the 50% retracement of the rally up from early August. Stochastics are very oversold, and should turn up shortly. Momentum is negative, but that is a lagging indicator anyway. Putting it all together, I think that FBR is a buy between 18.50-18.00 with a stop below 17.25, the 62% (Fibonacci) retracement of the entire rally. A close above 21.11 is a bullish break-out that targets at least 24.00 with a rally to the March high at 28.70 a possibility. Hope this helps. God Bless, TFG
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Post by grambo on Oct 1, 2004 9:34:29 GMT -5
To TFG:
I really appreciate your write-up on FBR, since I have some shares due to a newsletter's buy recommendation.
Of course, I bought near the high, just before the newsletter issued a sell, so I am underwater on the price I paid for the shares.
However, it does pay attractive quarterly dividends.
Thanks again, grambo
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Post by polish on Oct 1, 2004 10:15:58 GMT -5
Thanks TFG for the post, I appreciate your help
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