Friday, June 19, 2009

FAZ'zling On Down

FAZ never turned up but continued trading down within the channel, and closing within the channel. The last candle downward was after market, and most probably those who wish to not hold the stock over the weekend. It appears to have paused most of the day at the 50% retracement level.

FAS mirrored the same in-channel action with the exception of the after-market action. Price action just before closing reached the 50% retracement of the previous corrective action. It touched that point at the same time the upper channel lined passed through that level, then backed down to the upper Bollinger line.

Because of the continuation within the channels, there were no trade opportunities in either during the day, unless one was daytrading. Monday, perhaps, will provide a turn.

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