ANR I believe is a coal mining stock. I've been meaning to get to this analysis and when I saw it I thought it looked quite interesting and decided to post it here.
Volume alone shows a change in character (like UNG) that ANR has been undergoing on this 5 day chart. *Note-I always start my analysis with the longer timeframes.
This is a former support level, not very strong, now resistance in the $15 area.
ANR recently put in a higher volume day on a small candle, many might be inclined to think this was capitulation and support forming, with many technical patterns (bases), it is not unusual to see a shakeout of that support level, it triggers stops (volume rebates $$$) and also allows smart money to pick up shares on the cheap with a lot of supply available, this way they can mask their activities.
This is not a primary downtrend marked with my proprietary Trend Channel, but at least a sub-intermediate trend, the Trend Channel held the trend perfectly until there was a recent change in price character that stopped out the short at the red arrow and the TC is now turning up.
The long term 1 min trend from a leading positive divergence to a negative divergence.
A closer view of the 1 min chart... This negative divergence looks to be setting up a decent reversal to the downside.
The 2 min chart from downtrend confirmation to uptrend confirmation to a pretty deep leading negative divergence.
The 3 min chart went from a positive divergence at the reversal in price to a leading negative divergence,quite deep as well.
The 5 min is also quite negative. You might be wondering why I'm mentioning ANR. As you know, we like the trade to come to us rather than chasing it, it looks like ANR is going to see a decent pullback which makes the following charts interesting...
An hourly positive divergence from about mid-may through present in leading positive position.
As well as a 4 hour leading positive.
This suggests ANR has formed a pretty significant base, undergone some heavy accumulation and looks to be pulling back right in to our hands. We want to watch for positive divergences form on the pullback as far as timing, but this one looks like it could make a significant move up and on top of that it looks like it will come right to us.
If you have additional questions, just email me, otherwise we'll just keep it on the radar and watch for a long position opening.
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