For today's chart we've chosen to take a look at
FirstMerit Corp (Nasdaq:
FMER) because a
triple top pattern has formed on the chart. As you can see below, today's bearish price action is illustrating that the resistance near the $21.50 level is very strong and that it is preventing the bulls from sending the price higher. Technical traders will now watch for a move toward the short-term support that is found near the $18.50 mark. It is also important to note that this pattern is still in the process of forming so many traders will likely choose to wait for a move below the dotted support line before opening a
short position.
Free Annual Reports
