We have seen the Angie's List (ANGI) commercials for some time now, but I only looked at the chart of ANGI this morning, and was surprised to find a saucer bottom formation on the weekly chart.
In this first chart of ANGI, above, we can see the slow turnaround, as prices bottomed in the $5 to $4 area. Prices are now above the flat 40-week Moving Average and the On-Balance-Volume (OBV) line has begun to improve, telling us that volume is confirming the advance.
In this second chart of ANGI, above, we can see a lot of activity in just a $4 range. Prices gapped to the upside in February on a huge spike in volume, but prices did not launch a sustained move higher. We gapped lower in July, but that gap has been filled, as prices recouped their July losses. ANGI is on steadier footing now, with prices above resistance at $7, and the 50-day and 200-day moving averages are about to cross. Note how the OBV line has broken out above its 12-month highs, confirming and foreshadowing further gains for ANGI. Traders could buy a pullback in ANGI and/or add on strength above $8.
