At first glance it may appear that shares of Angle PLC (LSE:ANGL) have delivered a rather unusual charting pattern since May of last year in terms of the rally to a failure towards 100p, and then the subsequent accelerating decline into mid January. What can be said now over the past week though, is the way that we have been treated to an ultra sharp rebound from the floor of a broadening triangle in place on the daily chart since May with the likelihood being that in the wake of a solid looking weekly close above the still falling 200 day moving average at 79p we are justified in taking an optimistic bullish tack. This is because it is very often the case that the most powerful recoveries are seen in stocks or markets who have managed to break above a still falling 200 day line.
Indeed the view at this stage is that especially while above the post December resistance at 74p we would be justified in assuming significant gains, even from current levels. The favoured destination at this point over the next 1 to 2 months is as high as 2014 resistance line projection at £1.10. Only cautious traders would wait for any dip back towards 74p former resistance before taking the plunge on the upside.
