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Tuesday, December 4, 2007

Long FRPT as a Bounce Play



I didn't buy the stockcharts subscription since I'm a cheap bastard so here's a print screen annotation. Apparently it has been shorted based on a lot of rumors and speculation that the Iraq war will end soon so the company with receive less contracts. A head and shoulders pattern broke out on a technical level to also factor in momentum to the downside. I think a lot of manipulation is going around in this stock and the 'sharks' have been scooping up a lot of shares in the last two days. Stochastics are oversold and there is positive divergence in both the MACD histogram and the RSI. I think a purchase in the $8.75-$10 range is a great purchase with a stop below the trend line at $8.50 or so.
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