Stock Chart Analysis ANIK

Posted by downtowntrader | 9/06/2007 09:43:00 PM | 2 comments »

Stock Chart Analysis ANIK

Anika Therapeutics, Inc. (Public, NASDAQ:ANIK)

ANIK is a very low float trader, but the chart here looks solid enough to possibly risk a trade. I hate trading these sometimes because it's difficult to get out if you have a larger position, so I try to keep the positions fairly small. ANIK, much like most of the stock market corrected pretty steeply the past month. It's come back a decent amount, and is now drifting back to the 20 day sma. Sometimes these little pullbacks are weak longs locking in profits and with good money management, provide great entries. ANIK may break out if it can climb above the descending trend line shown below.


Good Trading,


Joey

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2 comments

  1. StockRake // 8:28 PM  

    I'm with you on this one. I picked it in January and I think it also has room to go. It looks like it might drop a little more in the short term and consolidate a bit, but the longer term pattern is set - higher.

  2. downtowntrader // 9:23 PM  

    I haven't made a decision on this one yet, but I do think it looks very promising. It's pretty high on my potential trades list. I jut hate the low volume. Thanks for the comment and good luck with it.

    Joey