Sunday, November 23, 2014

ATRS Antares Pharma Daily Chart Upward-Sloping Channel Potential Inverted H&S

Antares set up with positive divergence (green lines) on the daily and weekly chart as Keystone called out previously and the move off the bottom occurs (green arrow). Keystone took profits exiting the ATRS long trade but is watching for a reentry. Price is attacking that strong resistance level at 2.35 which is the neck line for an inverted H&S. If price breaks out above 2.35 the target is 2.80 and 2.85 is strong resistance. Price may want to drift lower to the 50-day at 2.07 and even the tiny gap at 1.91 which would likely be very attractive buying opportunities. If price does come down for a sturdier right shoulder note that the left shoulder area was a couple-month event so if symmetry is followed, any pull back now into January may be met with the break out move above into spring time.

For a typical breakout of the inverted H&S, one could buy long at the breakout (2.35), or when price usually comes back to back kiss, or when price exceeds the first spike, or all three times, as the blue dots show. There are not a lot of worthwhile long plays these days in the stock market since a multi-year top may be printing but ATRS remains interesting. Watch to see if it can break out above 2.35, or not. This information is for educational and entertainment purposes only. Do not invest based on anything you read or view here. Consult your financial advisor before making any investment decision.

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