FOSL Down 7%, Now In No Mans Land

 

FOSL fell from its earnings report to a multi-year support line.  Each time it hit that support line in the past the stock rose $20 or more.  Today that support was broken and as I said in my video and recent blog post, if it breaks that support line "run for the hills".   It looks like I wasn't the only one thinking that as the stock tumbled 7% today after breaching that support line and, in my view, sits in no mans land.     I think FOSL could be headed back to $40-45 a share, but it currently is so oversold that I wouldn't take a chance on the short term puts.   The support line was our friend and now its gone.  Time to move on.

Known to most as Uranium Pinto Beans, Jason has more than 15 years under his belt of trading stocks, options and currencies. His expertise primarily lies in chart analysis, and he has a strong eye for undervalued stock. Because he’s got the ability to identify great risk/reward trades he usually enjoys taking the path less traveled and reaping the benefits from the adventure.

He is a co-founder of Option Millionaires, and he is best known for his weekly webinars with Scott, as well as his high level training webinars and charts found in the forums.

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