ANR : keep an eye on it. it could do well

I.I. has been tracking ANR for months and it looks like the chart is setting real nice with+ divergence, completed 5 waves down (the recent June-August side-ways/3-wave pattern was a 5-3-5 4th wave correction, and the subsequent recent decline a 5th wave). Price hit new ATL, but found support at the weekly S2 level  and remains stubbornly over $2. That level needs to hold for more upside, preferably a break above $2.35.

(click to enlarge)

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Word has it that the Republican victory today is good for energy stocks like this… time will tell.

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6 thoughts on “ANR : keep an eye on it. it could do well

  1. Soul, with today hitting 1.36, it looks like we are in a 5th wave down from the Nov 10 high at 3.01. What are you thoughts with respect to nearing a bottom before a trend turnaround?

    • Hi Joe, thanks for asking.

      I don’t give buy or sell recommendations. Trading are once own decisions. I provide levels, and targets to look for. One can then decide for yourself whar to do when those levels and target zoned are reached.

      In this case, the $2.35 level is simply based on the previous high made 3 weeks ago and is therefore a technical level to look for. Just as much as a break below the low is bearish.

      Same for BABA, for example. I’ve been telling my members for weeks that a break above $90.90 would be bullish. Look where it is now…. 17% gain since!! 🙂 All simple break out (Resistance) and break down (Support) levels.

      I am long ANR already 😉

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