For today's chart we've chosen to take a look at
Chattem Inc (Nasdaq:
CHTT) because it is trading near the support of an
ascending channel pattern. As you can see from the chart below, the stock is currently testing the
support near $61, which could be used by bullish traders to signal a move back toward the upper trendline like it did in March. We'll maintain a bullish outlook on this stock because of the uptrending 200-day moving average (pink line), but it should be noted that we could see a short-term pullback toward the $55 level in the event of a break below the trendline.
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