AMC daily 24/05/13
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A week on from the last chart update on here and it's been a very volatile ride.
It fell short of it's target at 11.5p and then failed to hold the breakout test of 9.5p. News today has caused an extremely large trading range so those who didn't at least take some profit off on the rise to 11.p had a second, brief, chance to do so today.
The key now is for this to hold the shorter term uptrend support at c. 7.6p. There's also a lot of support at 6.75p where there's been plenty of previous price action and the lower uptrend support lies. 11/11.5p has now been sold off twice and becomes a strong resistance and must be broken by close of play to signal higher prices.
I managed to bank at 11.25p (profit taking on the rise), 10.86p and 9.81p having entered at 9.4p in expectation of that inverse head and shoulders playing out. This shows the importance of taking some money off the table with AIM penny shares as soon as there's a reasonable profit showing and of having stops in place (which should have been moved to 9p after the 16th May when the SP broke out, backtested the breakout and closed above.
I won't be going near this one now until the volatility dies down. At one stage today the spread was > 18% and you simply can't trade that type of action
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