Bearish engulfing candlestick yesterday on only average volume. Stochastics overbought. Relative strength index turning down as well as momentum. A down opening today confirms selling. Near term support is 7.38. Next stop could be the 20sma, 7.08 then the 34ema, approximately 6.80.
Again, technical analysis, specifically the bearish engulfing candle (and secondary indicators), hinted at yesterdays action. Despite a fed induced run-up in overall markets yesterday, AMPE fell. Tuesday's bearish engulf predicted suggested selling on Wednesday and it occured. It cut thru initital support and bounced off the 20sma as mentioned below. Compare the accuracy of a quantitative assessment (tech analysis or fundamental analysis) to qualitative hopes and dreams. School is now in session.