For today's chart we've chosen to take a look at Cooper Industries Ltd.
) because it has bounced of an influential level of support
. As you can see from the chart below, the $47.50 level has acted as resistance during 2006 and early 2007, but notice how this story has changed since the bulls were able to send the price higher in April. This influential price barrier has reversed roles and has recently become an area of support. Traders will keep a short-term bullish outlook on this stock, but it is important to note that they will quickly reverse their opinion and set a target of $44 in the event the price moves below $47.50.