Angie’s List Inc (NASDAQ: ANGI)

Angie’s List, Inc. operates a consumer-driven solution for its members to research, hire, rate, and review local professionals for home, health care, and automotive service needs. It offers member services comprising member-generated ratings and reviews that provide reviews from members and non-members in approximately 720 categories; and service provider services for members looking for reputable providers of high cost of failure services. As of December 31, 2013, it had approximately 2.5 million paid memberships in 253 local markets in the United States.
To review Angie’s stock, please take a look at the 1-year chart of ANGI (Angie’s List, Inc.) below with my added notations:

ANGI has been trending mostly lower since July of last year. During the last 6 months though, the stock had held a clear level of support at $12 (blue). Even though the market has caused most stocks to move mostly higher over, ANGI had not been able to follow along and has recently broken below $12. This breakdown is both a new 52-week low and a break of a clearly defined support level.

The Tale of the Tape: ANGI had formed a key support level of $12, which was a 52-week low breakdown. This should signal lower prices ahead for the stock. A short trade could be entered on ANGI on a rally up to $12, with a stop set above that level. A break back above $12 would negate the forecast for a move lower and a long position could be considered instead.
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