Fannie Mae (FNMA)

[Jayman1980]

I think 6.00 is the top of the wedge/triangle. The 4.76ish mark is a heavy resistance at the top of the last verifiable price channel between 4.20ish-4.76ish. I do believe if 4.76 gets closed over, we see 5.50 resistance and 6. You can track the higher highs and lows like that to find the breakout for that price channel (at 4.76)you have drawn as you obviously know, but I believe the one to break will be at 6.00. We could still find ourselves back here in the 4's even after another break of 4.76 and test of 5.50 or 6.00 because we are in a slight wedge turning ascending triangle. From how long we are taking to get there, I dont see us just shooting over 6 right off unless its huge news pushing her. Once we break and close over 6 though, it is on. 6 should be our new support after that.

I was watching that short term descending triangle too, but after observing that ridiculousness with the MFI last week, I had a feeling it was just being manipulated to rake across the MA (50) and scare retail and novices out. Had to talk a few of my home boys from scaring out. And as we saw yesterday and today, that MA (50) is pretty supportive. Seems Fannie wants to get her head above water again and trend the MA (50 ) up. I think no matter how our trading styles differ here, all owners of this will make big money one random morning. GL.

Current strategy- I mostly trade the daily chart-watch RSI/MFI push to 6.00, sell 33% at 6, sell rest when MFI goes above 80. Every days movement makes my strategy subject to change. I think the volume is coming.