ANH Now Overstretched, Reversal Imminent

In week 25, ANH has had a good run, now overbought up to the monthly timeframe is due a pullback into failed daily cycle then weekly cycle low. Price is poking at the resistance of the Keltner Channel at a level where there is horizontal resistance, usually double convergence of resistance is too hard to overcome in overbought conditions. The share now presents a short opportunity

Comment:

ANH has played out well. now within timing band for a cycle low, attention turns to where that rebound will meet resistance. We can initially draw a line from 26 April through 12 May then see how price interacts with this level, rejection would be ideal into a failed daily cycle.

Trade closed: target reached:

ANH is within timing band for a weekly low, best to take profit from the short position at current level.