Fortune Brands Home & Security, Inc (FBHS) surged in volume today and appeared to be on its way to a breakout above closing price resistance near 48.00. FBHS actually printed an intraday high of 47.99 before reversing and finishing weak the final two hours. From the weekly chart below, it's clear to see that FBHS has printed a cup with handle, a bullish continuation pattern off its prior uptrend. We remain in the handle for now, but a high volume breakout would measure close to 60.00 in time so it's certainly worth keeping an eye on this one. FBHS has been consolidating in a triangle pattern relative to its peers so a push to the upside in price could also see a relative breakout as well. FBHS posted quarterly results on Wednesday afternoon that topped analysts' expectations on both the top and bottom lines. As a result, FBHS currently boasts both strong fundamentals and a bullish technical pattern. Take a look at the technical picture:
Happy trading!
Tom
