AP : Outlook for Feb 21st
February 20, 2011 Leave a comment
AP managed a close right on its 200 day EMA at 6.05 after a protracted period of relative weakness. First key support is now 5.90-5.95, and at this range entry can be considered for a rebound trade over the near term (not today) to 6.35-6.40. A stop at 5.70 is seen as sensible.
The stock needs a day or two of flows in excess of 25m shares if it is to penetrate the 200 day EMA at 6.05 convincingly and rally on to 6.40 or so. There is stronger resistance from 6.50 to 6.60