Archive for April 13th, 2006
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Important level for S&P 500 (SPY)
alphatrends, April 13th, 2006 at 11:18 amThis chart shows why the 129.40-129.50 level could be a strong level of resistance for the Spyders (SPY)
First, one of the most simple rules of technical analysis is that support once broken becomes resistance, while this is not law, there is a strong tendency for “trapped” longs to want to sell stocks at a [...] -
CPST, CTLM, ZP
alphatrends, April 13th, 2006 at 8:35 amThe daily chart of CPST shows a very healthy stock which experienced a low volume pullback to a prior level of resistance.
Drilling down to the 10 minute timeframe of the last 10 days we can see that buyers regain control of the upward momentum as the stock can clear short term resistance at 4.12.
The [...]
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Brian Shannon is a full time trader (with 17 years of experience), educator and author of the highly regarded book Technical Analysis Using Multiple... More »
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