ANH Carving a Rising Wedge
Updated
Having found support at the 200 day moving average, price is now forming a rising wedge which we expect to break to the downside. From a cycle perspective, price is seeking a half cycle correction before moving higher towards the objective of filling the wedge. Onve we have a cycle high we expect price to go down breaking the wedge support towards the blue and pink support for a turnaround.
Note
ANH is pressing the 200DMA & support of the wedge, very bearish if it breaks both down as double support is strength for bulls. ANH also seems to be carving out a H&S pattern, dark clouds are gathering around this share.Note
ANH is pressing against the weekly trendline resistance which is at the same place as the 200 day moving average, usually week 12 is precedes a downtrend into a half cycle correction. If we see price action about to close above the green trendline we can close the short position as price will be seeking a weekly high. Original idea was premised on more failed cycles, since 31 July was not failed we are aware price wants to confirm 12 June as a weekly low.Trade closed: stop reached
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