APN on the doorstep of a huge rally | Michael Gable | Finance News Network

APN on the doorstep of a huge rally

by Michael Gable

At the end of August, APN showed the classic signs of an exhaustive low, followed by good volume accumulation at these lower levels. My suspicions of “something going on” have almost been confirmed with a 25% jump in the share price earlier this month on very high volume. Since then the stock has pulled back on low volume to sit on top of the September high, almost back to where it was when it exploded 25%. With the company having nothing to say about the share price jump, it is not unusual to see the stock slowly edge back. However, when there is smoke there is fire. This price action is probably only the beginning here and APN can trade much higher. If it is going to rally again, it will do so from current levels. Prices closer to 50c are a possibility. Traders should place a tight stop which gives a very favourable risk/reward.

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