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Wednesday, June 22, 2011

ZAGG

It seems I have been posting ZAGG an awful lot lately, but this is one incredibly instructive chart. After bottoming out in March, it quietly formed the right side of a base, and since early May has had 3 high volume up moves. Each up move has been followed by low volume pullbacks, followed by higher volume up days. According to the pivot points I can see, it should hit the next resistance zone just under 16. Last night they announced they were acquiring a company called iFrogz, about as good a reason for a high volume breakout as any I can think of.

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