Looking for the Flintstones

 

Reminds me of the market today, Fred has the right idea.

 

I decided to spend some time doing a variety of scans this   evening to get a better picture on where stocks stand. Using Finviz.com I ran the following scan:

http://finviz.com/screener.ashx?v=131&f=cap_smallover,sh_avgvol_o100,sh_price_o5,ta_sma20_pca&o=-shortinterestratio

In reviewing the list, I noticed FRED (Fred’s Inc.) and thought I would take a deeper look at. In reviewing charts on several timeframes, I focused in on the Weekly chart:

 As you can see here, the stock price is continuing to test Resistance above at the 14.40 level and is above the 20 Day Moving Average.

A LOT of VaP (Volume at Price) exists at this level so there is good supply here. The Spinning Top / Doji candle to this week (today) signifies indecision so the bulls and the bears are in a battle.

Keep your eye on this one, now that we’ve found Fred, and set some Price Alerts. I will suggest setting them to 14.25 and 13.50

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