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FRR daily 10/07/13

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After a bounce around the 61.8% Fib area, FRR has found resistance in the strong 1.03 area which has proved problematic in the recent past from previous price resistance and also the backtest of the short term trendine break.

It needs to break back above that short term trendline soon in order to have any chance of continuing upward and even then there's the tough resistance shown by the circled area where a clear sell signal was given in the form of an exhaustion gap up, a bearish day and then a gap down the following day. It's actually similar to the pattern GKP formed at 450 but with the added gap down on the following day.

For now, though, the SP and RSI are both in No-Man's-Land. Given the reaction to 1.03p, I'd expect at least another test of the lower trendline and it may even return to fill the gap at 0.4p.

Please bear in mind, however, that these types of penny share do not subscribe well to TA and can be very unpredictable.

Supports are at 0.7p (trendline), 0.661p, 0.55p and 0.45p (gap); resistances at 1.03p, 1.27p (gap) and 1.39p. A break of 1.39p could bring the next target of 3.3p  
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