Real Men Have Black Lung
- stevenplace
- May 18th, 2009
I’m watching ANR very closely based off this chart:
ANR 1 month Hourly Chart
A break of the downtrend line would be a nice, low-risk momentum play, but you’d need to keep an eye on the sector and related stocks for follow through. Even on a long trade, there’s still pretty solid evidence of supply at 27.5, so that will have to be a level to keep an eye out on. If it breaks the uptrending line you could play it to the downside with a target of 23-ish… but once it hits 23 I’m looking for support to hold as it hasn’t retraced that breakout yet. From there I’d be looking to get into a delta positive options position, either a bull call spread or straight calls.
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Tickers: anr
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