Phenomenal risk/reward at these levels. Has finally completed an ending diagonal. Commonly in ending diagonals the price overshoots the trendline causing a throw-over due to excessive bearishness or bullishness. Also at long-term support of $5.90.
While the price could potentially fall as low as $5.56, which is its lowest level since the stock has publicly traded on the NYSE, I do believe that the current levels present one of the best risk/rewards of the entire stock market. While I am primarily a technical analyst the fundamentals over the next few years for this industry are looking bright after a multi-year bear market. As they say, price moves before fundamentals.
Stock is a potential multi-bagger and unless you believe it is going to zero the current levels are amazing. This stock has been on my radar for 2+ years and is now forming a high probability bottoming pattern while industry peers are off their lows. Speculation is a game of probabilities and they don't get much higher than FRO currently offers.
'Be Fearful When Others Are Greedy and Greedy When Others Are Fearful'
Fundamentalists, the technicals are now on your side.