First Gen Corporation (stock symbol: FGEN) witnessed a slow but steady decline in the past few days, after breaking the down-sloping trendline (which I’ve mentioned in this post) and subsequently making a quick peek above the 16 level.
Let us see if buyers will show up in the 14-15 area, ahead of the ascending trendline forming just beneath it. A break of this (incomplete) trendline would encourage sellers to visit or break the November lows.
The Detrended Price Oscillator (DPO) is moving steady below the zero level.
TP’s Advice: If you like this stock, buy as low as possible. 13 is your line in the sand. If 15 holds, near-term target is 18-20.
12.20 is the 32-month low posted on November 26.