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Nearest Resistance: $7

Nearest Support: $6.25

Catalyst: Q3 Earnings Beat

Mid-cap computer storage firm LSI ( LSI) is rallying more than 8% today on big volume after the firm announced third-quarter earnings and guidance that were less bad than what Wall Street expected.

>>5 Stocks Under $10 Set to Soar

One look at LSI's stock chart gives traders a pretty good indication of how investors have been feeling about LSI. Shares have been trending sharply lower since the start of September. Today's price action potentially breaks that downtrend, but I wouldn't recommend jumping into a long position in this stock unless we see some continuation in tomorrow's session.

A move through $7 would be a much stronger buy signal for LSI this month.

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