Long the continuation breakout for FTEKLong at the continuation breakout for FTEK possible double top which also is the designated take profit or when price crosses the bb average of 13 periods.
FTEK
VTNR: Vertex Energy at 2.618 fibAfter a monstrous 160% increase in the last quarter, price reached 2,618 fib.
No need to chase here, even after the run was backed by super volume. Last week's bearish wick almost erased, but the volume was 1/3 less. Nice base areas little above 7 and little lower than 6$ in the daily chart, may provide an entry if intraday or day PA show buying pressure.
Long term view is a beauty. A break upwards from a 6 years old base, more often than not, hints at a lot of upside in the future.
Needs to cool down a bit, revisit 10MA or even 30MA, and build a healthy come back towards the 75-55$ highs of 2007
Earnings report May 13th
Cheers
Panos
