There is selling over the past month at a very important long term trend line.
This has the ability to push price back toward the lows. At the first target
which is the up trend line around $10 will allow the bulls to test the long
side of the market. Risk can be limited by placing stops below the
October 2013 lows. The emphasis here is the increase in volume since 2011.
The climax of volume on the low around $9 shows that there were plenty
of traders who picked up some ALJ potentially for the long haul.
This has the ability to push price back toward the lows. At the first target
which is the up trend line around $10 will allow the bulls to test the long
side of the market. Risk can be limited by placing stops below the
October 2013 lows. The emphasis here is the increase in volume since 2011.
The climax of volume on the low around $9 shows that there were plenty
of traders who picked up some ALJ potentially for the long haul.