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Firstenergy Corp - FE - At 200-day moving average Resistance
Casey Murphy - Aug 1, 2007


Firstenergy Corp - FE

August 1 , 2007

Last Trade

$63.22

Volume

2,782,277

52-Week High

$72.90

52-Week Low

$54.85

Commentary:
Today we've chosen to take a look at Firstenergy Corp. (NYSE:FE) because it is trading near the combined resistance of its 200-day moving average and an influential trendline. As you can see from the chart below, the stock recently broke below the neckline of a head-and-shoulders pattern and it has also closed below the 200 DMA for the first time since April 2006. The move back toward the neckline, also known as a throwback, is a common occurrence and traders will now watch for a bounce off the trendline as the bears attempt to control the momentum. The break below the long-term moving average could be a signal of a longer-term shift in trend, but more time is needed to see if this is indeed the case.


 


Happy Trading,
Casey Murphy,
Senior Analyst, ChartAdvisor


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