I suggest today's trading ranges were skewed somewhat...
The "players" all over this like a rash now were expecting to load up in the 1.8-2c range this morning, from which they were probably looking at a 2.7/2.8 ceiling for the day from which to stage an exit...swing-trade...and then re-load.
But...the sell-down did not come early as expected...so instead, they took out the 2.2c line and simply set off the game from higher levels.
The result was elevated trading most of the day...or in other words, ANP simply got ahead of itself...far too hot far too quickly!
I usually refer to the 60 minute chart to determine if the stock is moving too quickly intra-day...and generally consider taking advantage of an intra-day swing when the 10 day/60-minute intra-day trading moves above the upper bollingers...and we saw this most of this afternoon;
Adding to the weakness of such a scenario was the gradually falling volumes towards the top of the day's range (2.8-3c)...more or less warning that momentum was about to take a break and a retrace to test support was on the cards.
We saw this towards the close, as more than a few ultra-temporary types ran for the door...and perhaps a few longer term types simply locking in profits...but in doing so, it appears the traders/players attempted to set up the stock for a re-load tomorrow, or Thursday.
In essense, today's higher starting point lead to more volatility and higher trading ranges than might otherwise have been the case...and the stock overshot to the high-side.
The extra volatility also lead to a corresponding overshoot on the downside...and in the process, set up the stock for the likelihood of a higher or equal open at or about the 15 period EMA tomorrow...signalling the upwards trend remains intact.
On this basis...there may be a few surprises tomorrow morning...and yet another higher than expected take off level.
Hard to tell when we see such volumes though...it all comes down to how many of today's ultra-temporaries managed to get out.
My guess...most of them!
All the while, we are one step closer to results from the ATL1103 trials...and any numer of other potentially significant announcements (such as the Afandin deal)...or even something left of field.
I suspect most are looking at this single prize (the ATL1103 results)...and are trading around their perceived timing of events. I am happy to adopt a more stress free approach...and back my views that ANP will be much higher than current levels in a relatively short period of time.
I have to laugh...and think it is no accident...the Company more or less did a cut-and-paste from their previous ASX response. Last time the market bought it up after the "please explian response".
Anyway...I bought more today (sub 2.5c), with an eye to weeks and months, not minutes and hours, and expect to see the stock re-test and potentially break today's highs by the end of the week.
There has been an amazing level of market interest and trading activity in ANP over the last week or so, relative to the limited market correspondence from the Company...I would expect this to change shortly.
Cheers!
ANP Price at posting:
24.0¢ Sentiment: Buy Disclosure: Held
