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Thursday, March 11, 2010

MTSN

Since this is such a distorted pattern, you could argue aboout where the actual breakout point is (it does appear that real resistance was at the high close of the pattern rather than the swing high), however it is the reason for the breakout attempt that I would be reluctant to buy (an upgrade, giving the analyst's employer lots of buyers to sell to). The base, such as it is, is poorly formed and price relative is weak, and ATR did not drop just before the breakout, all red flags to me.

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