I had expected the main part of the rally today, as stated in my original post, but price moved considerably yesterday already which increases the outlook of volatility today and hence some caution.
The buying at the end of session yesterday was too greedy to be sustainable, in my humble opinion. I would therefore call for a pullback after initial strength this morning which would create the perfect opportunity to buy back in.
The new higher low and support I would place at 2.6 cents which marked earlier resistence. From there price should move into the low 3's by next week.
Macro events saw buying pressure subsiding in the European markets overnight and a correction in those markets is on the cards as similarities between Nov 2008 and Nov 2011 are mounting, replacing the Lehman collapse with our current debt crisis in Europe. That should provide stronger volatility swings for a story like ANP and the necessity to take some winnings off the table when possible to get to a free carried position.
ANP still looks to finance phase 2 and 3 trials which will cost a considerable amount of money. Instos are needed to sustain the rise of our shareprice and partnering activities are at the core of interest for me now to determine follow up investments.
ANP Price at posting:
29.0¢ Sentiment: Buy Disclosure: Held
