All right folks! today was painful for the $FIT longs but things are about to change next week. let’s take a look at the candlestick patterns first. The report is showing a 89% probability the stock will bounce back up next week. You can look at the best matching pattern, it is showing a sizable jump.
Let’s take a look at the weekly chart. The bears barely managed to close the week at the red descending resistance line which also coincides with EMA-8. I will be watching any action above the red line as a very bullish sign.
Now let’s see where $FIT will be heading if it breaks out. On a monthly basis $FIT closed inside the channel again which is a bullish sign at least for the short term. the price target by the end of May 2017 is around $9 but any run up may cause a short squeeze that may take the stock price to $12.13 (red line on the monthly chart)
Good luck to all of you longs and have a nice weekend.
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