Forsys Metals Corp. (T-FSY)
I haven’t been reviewing many individual stocks lately as they were all mostly in down trends. Now that it looks like the market is strengthening and may be reversing I thought I’d get back in the swing of things reviewing some uranium stocks that are or look as if they might be on the go. Forsys Metals Corp. (T-FSY) is one of them.
The first thing that jumps out at you from the chart is that since August, as the price continued to head generally lower the momentum was continually strengthening and the volume indicator was showing speculative interest on the up side. All that was getting one prepared for a reversal of price trend. After the Wednesday close the Daily Table (posted on Thursday) showed that FSY turned POS (or BULLISH) and yesterday it moved through a three month resistance level. Also for the first time since turning down a year ago it has closed above its long term moving average line, although the line is still sloping lower. Another up day and the volume indicator should move to its highest level since last August.
Looking at a long term P&F chart, once through the $5.50 level we would then get a price projection to at least the $12 level.
Forsys appears to be on the move and seems to be a very good intermediate term speculation at these levels, although still iffy from a long term perspective.
I haven’t been reviewing many individual stocks lately as they were all mostly in down trends. Now that it looks like the market is strengthening and may be reversing I thought I’d get back in the swing of things reviewing some uranium stocks that are or look as if they might be on the go. Forsys Metals Corp. (T-FSY) is one of them.
The first thing that jumps out at you from the chart is that since August, as the price continued to head generally lower the momentum was continually strengthening and the volume indicator was showing speculative interest on the up side. All that was getting one prepared for a reversal of price trend. After the Wednesday close the Daily Table (posted on Thursday) showed that FSY turned POS (or BULLISH) and yesterday it moved through a three month resistance level. Also for the first time since turning down a year ago it has closed above its long term moving average line, although the line is still sloping lower. Another up day and the volume indicator should move to its highest level since last August.
Looking at a long term P&F chart, once through the $5.50 level we would then get a price projection to at least the $12 level.
Forsys appears to be on the move and seems to be a very good intermediate term speculation at these levels, although still iffy from a long term perspective.
3 comments:
daussend geht die ding
schriben wir in deutscheland
Hi Merv, I wonder if there's enough data for you to do an analysis on the Market Vectors Nuclear Energy ETF (symbol NLR); it has a chart that looks very similar to your own Uranium index. Since we as investors can't buy anything linked to your index as of yet, it would greatly help the little guy understand the Uranium stock market.
anonymous,
English, Please
a. magnus publius,
See Miscellaneous post on the front page.
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