April 24, 2009
AMP Bullish? Or Will the Bear Still Win?
By Planet Wealth
AMP has had a strong Bull run over the past few weeks, but the stock shows no signs of strength in the go. This is still a bearish stock. The weekly chart tells the tale.
The stock has been in a strong down trend channel for the last 18 months. The recent strong rally has been a bounce from an intersection of supports. One, being the bottom of the channel and the second, a support line. It is now close a resistance line after a strong run. Strong runs always have pull backs and it is usually a previous resistance line that forces the stock to pause and retreat. Should this run be stronger enough to continue past this resistance at $5.70 there is an equal but opposite force that caused the run in the first place just above it at $6.15.
By the time it gets there it is likely that the rally will be running out of steam if not already, and as it is still a bearish stock the probability of is responding to this resistance is very high. There are still no signs of recovery for this stock yet.
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Topics: bear market, bullish signal | No Comments »
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