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Saturday, December 17, 2005 8:58:28 PM
Very simply put, where two or more previous reaction highs occur as price points at the same horizontal line across a time span in a chart, above the current price, you can expect resistance. This is because people may be bag holding from there, and waiting to sell into the next rise, creating a flood of supply. The selling will cause the stock price advancement to slow or stop temporarily.
StockCharts has a good introductory article onthe theme. See:
http://stockcharts.com/education/ChartAnalysis/supportResistance.html
Attached is a rather messy chart indicating the major R's for GZFX that we may see shortly.
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fringe
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