AP : Another stock in need of volume if a break is to succeed
February 28, 2011 Leave a comment
As can be seen on the week chart of AP below, the stock has rather important and indeed game changing resistance at 6.30. However, much like a number of other stocks on the market, volume has yet to convince, so even though the resistance might be tested – 6.30 in this case, we do not expect a breakout unless flows increase markedly and some good news hits the wires, such as Gaddahfi takes a trip to Venezuela or Cuba.
A failure to pass 6.30 should see the stock come back to 5.70 or so, which looks more likely than a breakout above 6.30 and a bounce to 6.80-7.00 or so.