We've chosen to take a look at Motorola Inc
) because today's disappointing earnings announcement has sent the shares to their lowest level since 2003. As you can see from the chart below, the selling pressure came to an end when the price neared the support of a long-term ascending trendline
. Notice how the dotted trendline has been able to prop up the stock since the early 1980s. Technical traders will use this support to suggest that the bulls will be taking positions around $10 and that we could see a recovery from today's drop. We also believe that traders will be interested in whether the bulls can prevent the stock from slipping below the trendline because this is the last support level that stands in the way of a prolonged move lower.