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Friday, July 22, 2011

NCR

NCR established the bottom of a trading range with a gap up back in February, and has done a beautiful job of staying above it since.  The red/green lines are the normal support/resistance lines i put when first looking at the chart. The blue lines are a "what if" scenario. Since the top of the range came on a black candle in February, it is possible the real resistance is at the top blue line. The red/green lines seem to fit the chart better, but if the blue line is true resistance, then today's gap makes a little more sense. It is a moot point now, since today's gap probably puts it into a new trading range.

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