Ferro Corporation, together with its subsidiaries, produces and sells
specialty materials and chemicals in the United States and
internationally. The company operates in five segments: Pigments,
Powders, and Oxides; Performance Colors and Glass; Performance Coatings;
Polymer Additives; and Specialty Plastics. It offers various
performance materials, including frits, porcelain and other glass
enamels, glazes, stains, decorating colors, pigments, inks, polishing
materials, specialty dielectrics, electronic glasses, and other
specialty coatings; and performance chemicals comprising polymer
additives, engineered plastic compounds, and pigment dispersions. The
company’s products are used in appliances, automobiles, building and
renovation, electronics, household furnishings, packaging, and
industrial products. It sells its products primarily to the
manufacturers of ceramic tiles, appliances, construction materials,
automobile parts, glass, bottles, and wall coverings directly, as well
as through agents and distributors.
To review Ferro’s stock, please take a look at the 1-year chart of FOE (Ferro Corporation) below with my added notations:
Since November FOE had essentially been trading sideways while
forming a common pattern known as a rectangle. A minimum of (2)
successful tests of the support and (2) successful tests of the
resistance will give you the pattern. FOE’s rectangle pattern had formed
a $14 resistance (red) and a $12 support (green). The break above $14
was not only a break out of the pattern, but it was also a new 52-week
high.
The Tale of the Tape: FOE broke its rectangle
pattern to a new high. The possible long position on the stock would be
on a pullback to $14, while a break back below $14 could negate the
expectation for higher prices.
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