For today's chart we've chosen to take a look at ITT Educational Services Inc.
) because the bears have sent the stock to an interesting level of support. As you can see from the chart below, we've identified two different ascending trendlines
, which have propped up the price several times over the past three years. The nearby trendlines offer the bulls a favorable risk/reward ratio
and we could see this stock make a short-term bounce off the $80 level. Many traders are curious to see whether the bulls will be able to send the price back to $90 because this is equal to an interesting Fibonacci retracement
level. We'll take another look at this stock in a couple weeks to see if the bulls were able to put an end to the downward momentum.