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Jeff Cooper Breaks Down ANI Pharmaceuticals

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An expert technician shows his thought process on a volatile biotech stock.

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Editor's Note: This alert was sent to Jeff Cooper's subscribers on Wednesday, May 6, 2015.

Every day, the Daily Market Report highlights trade setups from the previous day or upcoming setups.

This morning's report walked through daily and 10 minute charts on ANI Pharmaceuticals (ANIP), fleshing out the setup and how it played out for us.





This morning, ANI rallied back to test yesterday morning's first retrace/bounceback prior to reversing strongly on its 10 min.

It now shows 3 drives to a possible short-term low on undercutting Tuesday's low.

That doesn't mean it's necessarily a buy... but it's either a cover or a place to tighten up stops on a trading basis.

Shorting requires a different M.O. than the long side. Most of the time the market spends going up or sideways, so shorting is more a game of cover, short, cover, reshort. It's more difficult on a trading basis to ride the full campaign down in my experience.

Click now to take a FREE 14-day trial to Jeff Cooper's Daily Market Report and get trades like this delivered fresh every day.
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No positions in stocks mentioned.

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