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Friday, May 20, 2011

KNXA


There were several bbreakouts today but most were massive, blast off gap ups that don't look very interesting from a technical perspective, but this one appeared late in the day on the new highs list, and ended the day with the highest relative volume. Bu what is most interesting about the KNXA chart is where the pivot points are: there are 4 horizontal lines on the chart. The middle line is the 50% retracement of the top and bottom lines. The second from the top line is the 50% retracement of the top and middle lines. I didn't put the retracement from the bottom and middle lines, but it is pretty obvious where that is going to go. If I start seeing 50% retracement levels in my sleep, i am going to have to stop looking at charts.

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