Investors in Far East Energy Corporation (FEEC) have been highly disappointed by the stock performance in the past ten or so months. The stock has lost roughly two thirds of its value from its April 3rd 2006 high. However, there is evidence that the stock is in the process of forming a bottom.
On February 2nd, the stock closed above the upper Bollinger Band for the first time in ten months. The breakout followed a tightened band and was followed by two days of consolidation on light volume. This is a typical example of downtrend losing steam after a bottom is found.
Meanwhile on the weekly chart, the lower Bollinger Band has indicated a bottom formation for the past two months or so, with last week closing above the central 13-week MA line also for the first time in 10 months. The intermeidate term MACD is beginning to show a postive crossover since the carnage began in last April....
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$1.08 (02/16/07)
