ANR basing formation
ANR is about to squeeze into the end of this tightening consolidation/base. I am guessing it will be a base, but I am simply looking at how the stock has fallen a long way from 60 to 16 and expectations for coal prices may be low enough now to allow for upside surprise. Note also that volume in the last decline in price under $20 was absorbed by the market and this may be a sign that the buyers are now in control. The downside risk is always 3 average ranges (using 10-days of data) and the upside potential looks to be in the 24-26 area, which is up 3.5-5.5 points, which is roughly 15%-25%. Let's keep a close eye on whether Bernanke's monetary easing into 2014 will provide a new boost to economically sensitive sectors. By: Technical Tim, 2:31PM EST, Wed, Jan 25, 2012
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