The shares just move from a down trend into and up trend after breaking through the symmetrical triangle on the 17th April 03

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Symmetrical triangles can be characterized as areas of indecision. Each new lower top and higher bottom becomes more shallow than the last, taking on the shape of a sideways triangle. (It's interesting to note that there is a tendency for volume to diminish during this period.) Eventually, this indecision is met with resolve and usually explodes out of this formation (often on heavy volume.) Research has shown that symmetrical triangles overwhelmingly resolve themselves in the direction of the trend. With this in mind, symmetrical triangles in my opinion, are great patterns to use and should be traded as continuation patterns

Symmetrical triangle in an uptrend (bullish). Measure the base, add it to the breakout point and calculate your target. It doesn't get much easier than this.

The reason for the change in direction was probably the talk of M+A activity in one of the sundays

After yesterday high of 89.50p and then finished the day 85.25p below the previous day closing price 86.75p, could be the end of this fantastic rise.

pity this thread has gone quiet, this share looks interesting for both shorters and longers.

mmmmm I must admit I done both on this. The real action on this thread has been over in the traders room.

The company has tight banking covenants which it is currently maintaining. Moody's put them on their watchlist for a possible downgrade in credit rating about a month ago - if they really do downgrade it could cause the bank to tighten the covenants even further - perhaps beyond financial viability.(see www.moodyseurope.com - watchlists - UK / Engineering)

LONDON (AFX) - Moody's Investors Service said it affirmed FKI PLC's Baa3 long-term debt ratings, but cut the outlook on the company to negative from stable.

The negative outlook reflects concern that the early signs of FKI's business stabilisation 'may not prove sustainable', that the US dollar exchange rate may continue its current adverse trend, and that cost-saving measures and asset disposals may be delayed, Moody's said.

The company's strategic plan is also vulnerable to adverse factors such as a delay in market recovery or a slow take-up of assets for disposal, it said.

The ratings confirmation, however, reflects 'the potential for stabilisation in the company's business volumes and earnings as well as its ongoing debt reduction strategy,' the ratings agency said.

The rating action concludes the review for possible downgrade begun on December 16 last year.

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