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Rant & Rave Blog

The Importance Of Trend Line Analysis On The Chart Of CitiGroup

Posted by InTheMoneyStocks.com Tuesday, February 24, 2009, 07:00PM ET

Read 604 times

The Importance Of Trend Line Analysis On The Chart Of CitiGroup

RealTick graphics used with permission of Townsend Analytics, Ltd. ©1986-2009 Townsend Analytics, Ltd. All Rights Reserved. RealTick is a registered trademark of Townsend Analytics, Ltd.


Very important chart for those of you who are trying to learn trend line analysis and even more important for you newbies who want to understand why trend line analysis is so key to being a profitable trader, swing trader, investor.  Not how the moving averages on the chart play almost no role in the support or resistance levels in the market. Also, you all can see how the longer green trend line support was broken initially and CitiGroup went to the secondary support line.  The secondary trend line support held beautifully as CitiGroup got a bounce.  Where did the bounce go?  Right back to the first trend line support which as you all should know, is now resistance. Always remember that folks, broken support becomes resistance and vice versa. 

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