FRO to $4.50, pullback, then $8.50 to retest longterm trendline
FRO looks like it wants to form a multi-year Head and Shoulders pattern that could break out above 5 year downward trendline to $16 in 2015.
The 30 week moving average is trending upward.
It had nice volume on breakout above the downtrend line that had formed in the past year.
Wave 3 of this breakout (see orange line) should top at about $4.50 in the next week or two.
Then a pullback to about low $3's before heading back up in a Wave 5 to test the long term trendline at about $8.50 mid 2014
The 30 week moving average is trending upward.
It had nice volume on breakout above the downtrend line that had formed in the past year.
Wave 3 of this breakout (see orange line) should top at about $4.50 in the next week or two.
Then a pullback to about low $3's before heading back up in a Wave 5 to test the long term trendline at about $8.50 mid 2014
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