FEYE Update

Initially I expected a faster, shorter term move from FEYE to the upside.

At the time (this last week or so) I didn't like FEYE for anything more than a quick upswing, but there are some improvements that may kick a longer term base in to action. If there are continued improvement along this timeline FEYE may just make for a decent long equity position.

 Double base's historically have stopped just short of support in their second pullback, that has been taught for nearly a century, however over the last 10+ years, many of these dogmatic conceoppts have changed. Now a move below the support area is quite common with accumulation of the stops that are hit, what easier way to accumulate in size without anyone really catching on than to hit stops, create a bunch of cheap supply that has to be absorbed by someone, an easy way to disguise position building/base building.

Since that 5 min chart's positive divegrence and as we are below the support of what could be considered a potential double base, longer term charts have started going positive in a rather short period of time like this 15 min chart.

 The 30 min chart is showing similar action. Of course to build a reversal process/base even for a head fake move (on the daily chart), we'd still need a wider base in this area as this is too V-shaped to support a larger move.

Intraday it looks like FEYE is going to do exactly that and pullback, widening out this area. If we see continued positive divegrences develop as this happens, FEYE may make for an interesting longer term trade (long).

I might set some price alerts just to keep it on your radar, make sure it's hanging around the recent lows from this morning and moving sideways.