In relative terms, the first 7 trading days of September have been reasonably positive for Fletcher Building Limited (ASX:FBU). Since 2000, the first 7 trading days of September provided an average relative return vs All Ordinaries Index (ASX:XAO) of 3.14%, with a relative win rate of 17 from 21, & a standard deviation of 4.32%.
Entry: 6.77 Stop loss: 6.53 Went long in the counter after it broke out with high volume. Would have preferred a better close though.
ENTRY: 5.76 TP1: 6.06 TP2: 6.60 SL: 5.52 - ADX>25 - RSI>60 - FFI and RS +ve - MA are aligned - Breakout on 15 Jan 2021 with good volume - Retraced today on lower volume
Entry: 5.76 Stop loss: 5.55 Broke out of its recent high with very high volume today. A cup and handle breakout supported by the orderly SMAs.
Watch List Excercise - Looks like it could be on the move again, Set an alert a few cents above the current high and for the candle to close above the current high, prior to Covid crash. Fundamentals are rubbish, net profit margin -2.52%, but has made money can make money, Future must be looking bright Trailing Twelve months income is looking better. See below...
ASX:FBU Rally up into the underside of key MAs, can run a tight stop on this May want the 200d which would provide another opportunity if it rallies through stop Short 6.00 Stop 6.10