Todays analysis showed that 72% of the stocks in the FTSE350 were bullish. A remarkable statistic given that FTSE100 index actually had a down day.
On stock that stuck out for me today was Fidessa (FDSA.L) (Click here for their website).
Their website can do a better job of describing what they do than I can
“Fidessa group is the leading supplier of multi-asset trading, portfolio analysis, decision support, compliance, market data and connectivity solutions for firms involved in trading the world’s financial markets. Fidessa’s products and services are built on the simple vision of making it easier to buy, sell and own financial assets of all types on a global basis.”
Technically Fidessa is currently in a trading range but the following technicals caught my eye;
- The Squeeze fired – The odds are this is a long squeeze
- Stochastics are oversold, suggesting a move to the long side
- Price action is bullish (although I have some concern over the long shadow)
The fundamentals of the business are solid;
- Great profit record since 2004
- No Debt
Ever since I placed this order, the stock has been trending up very nicely – meaning my buy limit order never got filled!
Today I have cancelled this position as I do not want to chase the stock. I feel resistance at 1,200 may halt the steady upward trend, which means my upside (the stock closed today @ 1,180) is limited. I’ll keep monitoring it because it looks a great stock.