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Dow Jones Industrial Average
has been running,
has been consolidating some solid gains. Could this be a light-volume consolidation before the next leg higher?
Maybe, but it would take a breakout above $70 to get me interested. If the stock instead falls below support, the next level for buyers will probably be around $66.
(Please see chart below.)
to see more of Dan's charts.
At the time of publication, Fitzpatrick had no positions in the stocks mentioned, though positions may change at any time.
Dan Fitzpatrick is the publisher of
, an advisory newsletter and educational forum dedicated to teaching effective risk management and trading methodologies to aspiring traders and investors. He is a former hedge fund manager and a member of the Market Technicians Association, and he now trades from his home in San Diego, Calif. While Fitzpatrick holds various securities licenses, he does not give recommendations to buy or sell stocks. Under no circumstances does the information in this column represent a recommendation to buy or sell stocks. He appreciates your feedback;
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