For today's chart we've chosen to take a look at IDEXX Laboratories Inc (Nasdaq:IDXX) because it recently broke below a long-term level of support. As you can see from the chart below, the ascending trendline has been able to prop up the price since late 2004, but the recent close below suggests that the prolonged uptrend is in the process of reversing. Technical traders will expect the former level of support become an area of resistance when the bulls try to send the price higher again. We'll maintain a bearish outlook on this stock until the bulls are able to send the price above the trendline.
For more, see Support And Resistance Reversals