Friday Morning

FIO - Weekly Chart

The weekly view shows all trading since the IPO.  After consolidating in April the Bollinger bands contracted and the stock moved down on heavy volume for nearly a month.  It is now beginning to move up from the bottom band.

FIO Daily Chart

Looking at the daily chart you can see it is still in a bearish configuration with the 20 day below the 50 day which is below the 200 day simple moving average.  If you look closely at the stochastics you'll note they have now turned higher and there was actually a buy signal on May 22nd.  The Worden proprietary indicator labeled TSV has also crossed above it's 19 day moving average.  This is an indication of accumulation.  It looks like 19.50ish is now support and the stock is ready to move higher.

I generally don't like to start positions on Fridays but I'm already in this one and if I see an increase in upside volume I'll be adding.  I think the stock can move to 22.50 with little resistance and if it moves above that I would be inclined to add.