I believe much of current resistance comes from 5/2/96 and adjoining days. Volume on 5/2/96 was 5,996,400 (its second highest day, I believe). High on 5/2 was 24 5/8. I took a look at the volume and highs since 9/25 ...
Date High Volume
9/25 23 3/4 270,500 very low
9/26 25 3/8 1,060,500 Wednesday
9/27 25 1/2 475,000
9/30 23 3/8 659,900 Monday
10/1 23 463,900
10/2 22 3/8 436,300
10/3 23 565,100
10/4 23 1/2 370,900
10/7 24 7/8 2,490,100 Monday
10/8 25 1/8 929,500
10/9 23 7/8 549,600
10/10 24 752,800
10/11 23 7/8 350,200
10/14 24 1/8 330,100 Monday
10/15 24 5/8 861,800
10/16 24 3/8 502,200
10/17 24 1/4 749,000
10/18 23 1/4 247,200 Very Low
So AMTX has challenged the 24 5/8 area 3 weeks out of the 4 last weeks. That challenge has usually came after a low volume day.
If we close above 25 3/8 early in the week, then we will be off to the races. The general market looks good for next week so AMTX will probably make another run at it. AMTX has been a good trading stock recently, for those who like to trade. A 50k could be a trade in at 23 1/4 and out at 24 3/4. Not a bad profit in a couple of days. I have no way of knowing what the block is, just suggesting a possibility because trading has increased as the spread has narrowed. (50k block is rather large for short term traders, 5000 to 10000 shares would probably be more common).
Based on the above, the best day of the week for us small frys to add to our positions would be Fridays.
John |
