Cooper Industries Ltd

For today's chart we've chosen to take a look at Cooper Industries Ltd. (NYSE:CBE) because it is trading near an influential level of support. Notice how the $47.50 mark acted as resistance during 2006 and early 2007, but also how it reversed its role once the price broke above. Given the recent weakness in the market, it looks like the bulls have their work cut out for them if they'd like to prevent the price from falling toward the next level of support, which is currently around $44.