For today's chart we've chosen to take a look at Office Depot Inc. (NYSE:ODP) because the bears have pushed the price below a long-term trendline. Many traders may be tempted to buy the stock after the sharp decline, but the above-average volume and the broken trendline are suggesting that now may not be the best time. The spike in volume is a clear signal of the heightened volatility and it will be used by technical traders to suggest that the downward momentum has the fuel it needs to continue. We'll keep a bearish outlook on this stock until the price closes back above the ascending trendline (currently near $20).

Nothing contained in this publication is intended to constitute legal, tax, securities, or investment advice, nor an opinion regarding the appropriateness of any investment, nor a solicitation of any type. The general information contained in this publication should not be acted upon without obtaining specific legal, tax, and investment advice from a licensed professional.

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