Trade Update - Foster Wheeler (FWLT)
A short while ago I highlighted FWLT as a stock that had recovered nicely from the August correction, and looked to be setting up nicely. I posed the thought that after a short period of consolidation, that it would likely breakout to new highs.
Well, today it did stage a breakout, as the stock rallied to new highs before selling off a bit into the close. Volume expanded noticeably, which is a good sign when guaging the strength of a breakout.
FWLT has solid fundamentals, good growth, and long-dated projects. If the market stays reasonably healthy, I think FWLT should continue to move into new high ground.