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has pulled back to test this well-defined support trend line once again, presenting the latest opportunity to buy.
The relative strength index is also back to the lower part of the range.
If I were a buyer on this pullback, I'd try keeping a stop just below last week's low.
(See chart below.)
to see more of Fitzpatrick'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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