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Flotek Industries Inc. Message Board

  • stockineer stockineer May 14, 2013 6:36 AM Flag


    Hey guys, FTK just popped up on my radar. I see you are looking at the impact of the latest transaction of Florida Chemical...perhaps I can add something from the technical side. The reason this stock grabbed my attention is the inverse head and shoulders pattern which is one that I chase looking for breakouts. FTK broke out high and I became a shareholder. These patterns often give rather reliable price targets. The height of the pattern is $2, so we typically expect price moves in those increments. In other words, the breakout was at $16.50, adding $2 from the breakout gives the first target of $18.50...the next $20.50, etc...although there's no way to know if subsequent price targets will be hit...or even the first one. It's just something technical traders hone in on and the reason they take trades. They will sell if the price fails and breaks out low. Perhaps one of you fundamental guys can run your calculations to see if our numbers agree.

    I put up FTK as a Trade Setup on Stockineer, complete with the chart if you guys are interested. I wanted to give the summary here as well as check out what you are saying about the latest Florida Chemical transaction. Good luck guys.

27.72+0.29(+1.06%)Aug 22 4:03 PMEDT

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