Filed Under:
Tickers in this Article:

For today's chart we've chosen to take a look at MOGN because it is in the process of testing an interesting support/resistance level. As you can see from the chart below, the $15.75 level has prevented the price from moving lower between December and April, but this story has changed since it broke below this level on July 20. This chart is an excellent example of how a support level can often become resistance once the price breaks below it. Many traders hear technical analysts, including myself, say "the broken support should now become a level of resistance." This chart is a graphical representation of why analysts use this common phrase.


comments powered by Disqus
Trading Center