The gap at $3.12 I can only see retracing at this point with major negative news or immense manipulation.
We just had two major billionaire investors first, state that the stock with full dilution is worth $18+ assuming the government does not destroy the companies.
We've had Berkowitz on TV today regarding his letters sent Friday to the board of directors at both companies - threatening to basically ruin each of their lives if they fail to do 'something' by holding each individually responsible. And, to top it off we have Berkowitz / tons of news articles literally saying the government is committing fraud - among other items.
I could see FNMA pull back to $4.00 again, possibly, but $3.12 at this point would be a large surprise, and, may only occur if it is immediately prior to a large leap upwards.
Regarding the chart, there is no real analysis beyond the hanging man that indicates a 'major' downward movement is needed in the near future. Today should end red... and it will allow further movement up because we will have some relief on the RSI / Williams % -R.
Today was expected, though, I expected it last week.
-Z
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