Cymeed,
>>>>> Volume was heavy and stock price went down today,
does this mean the upside momentum is gone and the bears have taken over? This stock has become interesting from a technical standpoint of view. <<<<<
Not yet, but it does indicate that we are proabably at a short-term top.
ANCR is relatively stronger than the NAZ and DOT, but that does not mean that it wont pullback. On the other hand it doesnt mean that ANCR is in an intermediate/long-term downtrend. When I checked the volume on a intraday basis, the selling volume did not pick up until about 2:00PM, and the volume prior to 2:00PM was to the upside. Most of the HiTECHs were selling from the morning. This implies more
relative strength or less relative weakness, which is good.
The next 3 support lines are at 16 and then at 13.5 and 10. By mid-JULY, I expect ANCR to at lease retest 16 and if the market sellsoff significantly more it could retest 13.5. Even if ANCR was to drop to 10-11 range during this period it would still be in an uptrend. Im just saying that it would take alot of selling to get ANCR into a
downtrend(intermediate/long term). Until that happens, we are still in an uptrend and still bullish, not bearish.
I realise that many will start to get nervous if ANCR dropped more, but this pullback should be expected. Per one of my previous post, i had mentioned that ANCR was overbought on a short-term basis, but there was a pattern that gave a hint that ANCR could move strongly to the upside. It attempted to do that today, but the strong negativity in the HiTECHs, especially the INTERNETS were too much to overcome.
ANCR is still healthy and in an uptrend unless it breaks 10-11 to the downside; unfortunately the market/HiTECH weakness is now minimizing
ANCRs upswing.
seeya |
