F&N

F&N: is +2.5% at $7.05, breaches the critical $7 resistance on above avg volume. The stock has been on a strong uptrend since bottoming out in Oct ’11, and is comfortably in the mid of the rising trend channel. Stock is a potential bullish breakout play, if it can close successfully above $7. Near term momentum looking positive after MACD triggered a positive crossover, and RSI and Stochastics also trending up. The counter is in uncharted territory now, hence next resistance may be the next psychological at $7.50.