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For today's chart we've chosen to take a look at ITT Educational Services Inc. (NYSE:ESI) 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.


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