Market Blog Technical Analysis

Fairmount Santrol Holdings Inc continues bullish momentum

Fairmount Santrol Holdings Inc (NYSE:FMSA) continued its bullish momentum last week. On Friday, the stock jumped more than 9% on volume well above the average, crossing the 100-day moving average for the first time in months and breaking key resistance at $3.94. These signs show high probability for continuation of current momentum in the next couple of trading days.

From a technical standpoint, the RSI remains overbought but higher lows indicate the current uptrend remains intact. While we may see a slight pull-back around these levels, the stock is on fire and any pullback should be used as a buying opportunity. Immediate suports: 3.81,3.64 and 3.51.

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This is a guest post by  António Costa, acclaimed trader and the popular author of AC Investor Blog.  All views and analysis belong to the author.

António Costa
I'm a 43 year old Independent Trader using proprietary technical analysis with more than 18 years experience of investing in the US stock markets. I write guest posts for Stockal to share my thoughts about capital, risk management, and trading. My posts contains only my personal opinion and are provided for informational purposes only.

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