AMP is approaching our first resistance at 135.59 (horizontal pullback resistance, 61.8% fibonacci retracement, 100% fibonacci extension) where a strong drop might occur below this level pushing price down to our major support at 120.34 (38.2% fibonacci retracement).
Stochastic (21,5,3) is also approaching resistance.
AMP is approaching our first resistance at 133.04 (horizontal overlap resistance, 161.8% fiboancci extension, 38.2%, 61.8% fibonacci retracement) where a strong drop might occur below this level to our major support at 118.39 (38.2% fibonacci retracement, horizontal swing low support).
Stochastic (21,5,3) is also approaching resistance and seeing a bearish...
This daily chart of AMP shows an ongoing impulsive move higher. Looking for the end of Wave 4 before a move back to the highs in Wave 5. I've highlighted the Elliott Wave principle of "alternation" on the chart, which says that the two corrective waves of an impulsive sequence often alternate in form (i.e., sharp vs. sideways, simple vs. complex). With AMP, Wave 2...
An intraday high potential, Back Tested Sort Analysis.
We ll try to find an entry price within the expected pull back zone 177.91 - 179.58 as previously being back tested.
We ll try to enter into the correction of the uptrend movement tracking trend oscillators as below:
ADX slopes down pointing a bearish decline.
CCI diverges the price crossing down the zero...
Chart looks promising. If went long personally I will use a close < recent high of 118.58 (not bats) as my stop.
Review services such as Credit Suisse, Ford Equity Research, and Market Edge give it a "buy". Would consider target of 160-170. Feedback appreciated.
SHORT - 4 to 4 1/2 month time frame, you can even scalp around that 1-2 zig zag level (certainly coinciding with markets next bounce from this selling wave into MA50 weekly). This trade is very good TA wise stoploss previous high.