Looking lower on ANTM
ANTM has seen steady increases off the low it printed in mid April and has outperformed the market through the May volatility. However, it looks as if this strength is running out of steam and may present a decent short opportunity. Looking first at the volume, the buying pressure as noted by the Weis Waves (cumulative volume w/o a retrace) has begun to dry up: the first thrust off the April low has been followed with buying waves of decreasing strength even as price has drifted higher. Also, as ANTM has continued to inch higher it has done so on diminishing volume (notably each successive day in June) - there appears to be a drying up of volume, a lack of demand. Next, and perhaps more importantly, this move has come right into the zone where price broke down in mid-April. The $291 level was where the sellers stepped in and drove this stock lower on massive volume - the 7.3m shares traded on 4/12 were the most in the name since 2013-2014. This breakdown is now being retested and without much force. Add to this the tightening/shortening of each day's range into a rising wedge and the potential to breakdown starts to take shape. This presents a low-risk short opportunity to see if indeed this is the end of the move off the April low. There are a couple ways to play it: short at current price with a stop over today's high (6/14) or wait for the initial move and short any weakness on a bounce back into the $280-285 level. Also, if the move does continue higher into the $291 level be on the lookout for further weakness: either a rejection of higher price and weak close or perhaps an outside reversal (engulfing) day. Looking lower.
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