Shares of AMP have been carving out a triple-top pattern since October of last year. Since then, the share price has topped out around the $5.30 level on January 9th, and again on April 4th.
Regular readers will recall that AMP posted a loss of $344 million back in February. This was the company’s first full year loss since 2003 and exposed ongoing concerns about their life insurance and wealth protection divisions.
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We are currently holding a $5.00/4.60 put spread into June and suggest investors look at downside opportunities from AMP.
Our near-term target is $4.60, but see scope for a move back to the November low of $4.30.
