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Shares of ANFI ripped to the upside today after the company posted strong net income and sales in the first quarter that topped Wall Street expectations. Amira said its net income more than doubled on greater sales volumes and higher prices in India and other markets.
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From a technical perspective, ANFI gapped up sharply higher here back above its 50-day moving average of $8.23 with heavy upside volume. This move pushed shares of ANFI into breakout territory, since the stock took out some near-term overhead resistance levels at $8.67 to $8.85 and then $9.14. Those latter breakout levels weren't able to hold, since shares of ANFI closed at $8.81, but above its 50-day moving average of $8.23.
Traders should now look for long-biased trades in ANFI as long as it's trending above its 50-day at $8.23 and then once it sustains a move or close above Tuesday's high of $9.27 with volume that hits near or above 119,341 shares. If we get that move soon, then ANFI will set up to re-test or possibly take out its 52-week high at $9.80. Any high-volume move above $9.80 will then put its all-time high at $10.25 within range for shares of ANFI.
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