Ichimoku ANIP Gap and Crap?

Ichimoku ANIP Gap and Crap?

ANIP Ani Pharmaceuticals gapped up over 10% of news this morning.   Here is the current daily chart.

2016-04-04_anip

Here is the weekly chart:

2016-04-04_anip_weekly

The problem with the huge gap is that it gaped straight into the Daily/Weekly major resistance.   This now has a potential of “gap and crap” i.e. reversing.    Everything now depends on the multiple time frame support established on the lower time frames.   If the MTF support holds, price will have a high probability to getting back to the MTF resistance.   If it the MTF support breaks, it will have a high probability of filling the gap.

Here is the 10m MTF supprot chart:

2016-04-04_10m

Here is the 30m mtf support

2016-04-04_30m

Lets the markets tell you what they want to do and then you setup for the trade.  This is how success is achieved!

About the Author Manesh Patel