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Strategies & Market Trends : Ask Vendit Off-Topic Questions
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To: MJ who wrote (7462)4/6/2005 6:04:31 PM
From: Walkingshadow   of 8752
 
Note that RNWK closed yesterday by challenging the 40 ema (critical support/resistance on the intraday chart). It was not a foregone conclusion that failure would occur, but I thought we'd see it trade higher at the open, then fail.

139.142.147.22

So that's pretty much what happened. A brief rally up while retail buy orders were filled, then it was all downhill with RNWK repeatedly challenging the 40 ema, but never confirming a successful breach. There is an important lesson here: just because a stock trades through a critical support/resistance level does not mean much unless and until that is confirmed by a subsequent test.

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