Since the month of August, FAS's trend has been broadening with increased volatility. FAS has hit higher highs while always falling back to the same level of $65.00 where it bounced back up strongly and created strong support. Towards the end of October FAS crossed sharply below its 50 day MA, however it does not seem to be very significant in this case, as it seems to continue to follow its major broadening trend. Now, FAS is standing just below its 50 day MA at $80.00. A sharp move above it around $81.00-$82.00 should be enough for it to give us a BUY SIGNAL. At that time you may see this broadening trend continue and see FAS hit $95.00 or hit a higher high once again, before possibly pulling back again. To add further fuel to this imminent BUY SIGNAL, we have a pennant formation with the pole going from $65.00 to $80.00. A break above $80.00 would give us a BUY SIGNAL and a price target of $95.00 if not higher ($80.00-$65.00= +$15.00 ==> $80.00+$15.00= $95.00). Until FAS breaks above $80.00 it is a WAIT. Taking a position prior to a move above $80.00 would be very risky as there is very little support until the $65.00 level.
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