Technicals | Mar 19 2010
This story features AMP LIMITED. For more info SHARE ANALYSIS: AMP
By Rudi Filapek-Vandyck
The TechWizard reports shares in insurer AMP ((AMP)) have shown a good bounce off the March 2009 lows, but the rise has pretty much stalled over the last 4-6 months.
In order to regain momentum to the upside, he believes price action has to close above $7. On the other hand, were the shares to weaken and close below $5.75 this would push the shares below the 20 moving average and thus reverse the market focus to the downside, he says.
All it would take is an acceleration in negative momentum to potentially take the shares back to $4, he adds. At present the MACD indicator is negative, so the TechWizard does not expect the first scenario (closing above $7) to unfold.
But will the second? The TechWizard's attention has been piqued.
The TechWizard has reported he currently does not own any shares in the company.
Click to view our Glossary of Financial Terms
CHARTS
For more info SHARE ANALYSIS: AMP - AMP LIMITED
