Following its earnings release on Friday morning, fnfg experienced a high volume intra-day reversal i.e., a continued sell-off on high volume followed by skew to the upside on equally high volume. That is often a key reversal signal. This morning the positive skew to buying continues. All in all, rather inspiring.
In addition CEO said that insider buying has been blocked by black-out rules until this week.
Both of above are additional bullish signs that the long walk in the desert is over for fnfg shareholders. CEO also says that momentum from Q2 is continuing into Q3 and he sees no let-up through end of year. fnfg currently is not looking/projecting into 2013. Their thoughts on 2013 will probably begin to surface late in Q3.
We are up nearly a buck since earnings announcement and insider buying has begun to pour in.
Yesterday we ran up to $8.24 = ~ 20MA on the weekly chart. That looks to be the key price point in the short term. If we go through it, rally will continue till upper bollinger is hit on weekly = ~9.50.
Daily RSI also finally broke through 50 (first time since MAR) and is headed to min = 70.
Right now we are in a break-out i.e., doing a bollinger walk on daily chart. Today is 4th day in a row that price is above upper bollinger = break-out.
Great chart since earnings announcement! More to come.