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Fan Yang

FireEye (FEYE) Bulls Have a Key Hurdle at 16.20

FireEye $FEYE has been in consolidation, but was mostly bullish in 2017 until it failed to push above $18.00 at the end of the year. 

FEYE Daily Chart

(click to enlarge)

Bullish vs Bearish Technical Signals:
- First of all, the overall trend is neutral/bearish because of the prevailing mode before 2017 (refer to the weekly chart).
- However, in the medium-term (2017), there has been a bullish push that could have started a bullish reversal.
- Then again, price failed to push above 16.50, which is a key resistance pivot from 2016. 
- Also, we are seeing fractal head and shoulders patterns (in the rectangles). This is a bearish structure. 
- However, if price can push above $16.25, it would violate the right shoulder, and open up the 16-16.50 high. 
- On the other hand, a break below the $13.50 breaks the neckline, and opens up the 2017-low around 10.35. 
Upside:
- We mentioned the 16-16.50 target. If price holds below this resistance, FEYE would still be in the sideways consolidation mode it has been in since early 2017.
- A break above 16.50 could open up the 24.65 area, which is a previous key support in 2014. We should also monitor the psychological level of 20 for resistance.

FEYE Weekly Chart

(click to enlarge)