FEYE Update

In last Friday's FEYE Update there was a shift in character and thus opinion...

"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."

These changes included 15 and 30 min divergences (positive) when previously we only had 5 min positives and the location of them, this is the chart from Friday showing what could form in to a longer term base able to sustain a longer term move beyond today's.

This is the potential longer term base that could be in play as posted last Friday. The yellow area would be a head fake move as it breaks support and hits stops allowing shares to be accumulated in size and on the cheap, I don't know if anyone remembers the viral video of a Japanese video game mistranslated that has subsequently made it to the market, "All of your shares are BELONG TO US!!!"

There is another potential level, although it looks like a lot of stops were hit on the break of first support.

 Here's today's daily chart, still no breakout and...

Today's intraday action which is showing 3C profit-taking which we have seen before in FEYE which brings prices back down to an accumulation level.

 I think this 60 min leading positive chart is key, when this looks very strong, I think we may have a large base capable of supporting a multi-month move depending on its intensity.

 It was the 15 min chart above and

the 30 min chart above that caught my eye and made me think there's something more to FEYE than just a short term pop trade.

 This daily chart would suggest the same, but I can't see this ready to go without a stronger 60 min chart which has gained every day since it first started leading.

The 10 min chart in line with the move today meaning there wasn't any heavy distribution, as such any profit taking was mild, heavy distribution would be saved for much higher prices.

The 2 min chart shows there's barely any distribution beyond profit taking which you can see below.

Intraday 1 min profit taking leading negative pulling price back down.

And the most current...

That's a decent retrace on profit taking, it seems to me this move may have been a test. We'll see, but I think the 60 min chart is key to a real move that lasts more than a day or two.