Price Movement After Resistance Is Broken
Posted by Stock Online Trader on June 1, 2008 in Emerging Markets, Health Care Sector, Technical Analysis |
MR provides a good example of how when a strong resistance is broken it takes a quick leap ahead. $40 has been a strong resistance for MR and it took many attempts before it could break it convincingly. Now $40 should hold as a support. I am currently short MR with an average of $40.50 because i think at current levels it looks overbought and due for a healthy pull-back.