Foster Wheeler (FWLT) – 3 Month Chart

I charted Foster Wheeler AG (NASDAQ: FWLT) on April 23, 2009 at 1:02 pm when it was trading at $21.27.

• FWLT is trading within the lower half of its two month trading channel.
• FWLT fell below its trend line of higher lows intraday two days ago, but closed above it the next day and is trading above it still mid-day today.
• FWLT has fallen below its 10 day moving average for four days in a row, but only closed below it on the first day it broke.  Since then it has rallied off its lows each day.
• FWLT is above its 20 and 50 day moving averages.

Opinion = Even though FWLT continues to break its 10 day moving average it keeps finding support on its trend line of higher lows.  $19.50+- seems to be another line of support that could be worth watching.  I think FWLT has more upside potential than downside risk.