Technical Analysis Update.
Kind of an interesting last few days, no? Quite large volume in ERGB and the stock did not go up, did not go down.
Taking a look at the weekly charts, there appears to be support at
about $ 5.00 - $ 4.50. People seem to be wanting to test those support levels. From my own personal experience with support levels, if they hold, the people who were testing the levels tend to get out, as no one wants to be be the last one out the door.
But that all depends on if that support level holds.
Also a note, from the past, it seems after there have been high volume days, things seem to settle down and low volumes with small ranges occur for a while. Maybe things will be slow for the time being.
Jim, you are right about the resistance levels. But from what I can read of the charts, we have 3 immediate levels of resistance overhead : 5 7/8, 6 1/2 and 7.00 .
Have to wait and see.
Ernie.
p.s. Dr. Coz, Lunch may be a bit tight this week. I just got back into town last night, and have quite a few things to catch up on. I will likely have to postpone the Houston trip this week. What is your schedule like?
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