For today's chart we've chosen to take a look at CB Richard Ellis Group.
) because it recently bounced off the resistance of its 200-day moving average
. This influential moving average is used by many traders to determine the direction of the long-term trend. We've also noticed that the stock has been trading within a short-term ascending channel
since the start of 2008. The bounce off the combined resistance of the trendline and the 200 DMA is technically significant because it is an indication that the bears are in control of the direction. We'll keep a bearish outlook on this stock until it breaks above the mentioned resistance levels (currently near $24).