NYSE Group $90, $82, etc. Support Discussion
Posted by Blain Reinkensmeyer on Wednesday November 15, 2006
Alright, after NYSE Group (NYX) has a great run last week, it is very natural for the stock to take a step back and consolidate. After all, the stock ran up some 30% since it was at $73 just a few weeks ago. But, the big question for any short term trader is how far will it fall to set the bottom of a new base? Well let’s look at a chart and consider some plausbile support points. First a chart of NYX with possible support lines drawn:
The first and what I think is the most short term is the $90 support line. NYX has already bounced off of this once today, and it may be seeing it again by the time the closing bell comes around. Holding up at $90 and then shooting to new highs is unlikely but still possible. Most likely though you want to see consolidation into the mid $80s.
The next support line at $82 is a bit off the levels we are at right now, and any fall this low would most likely give you a “steal” of a share price. Lastly you have the diagonal line which seems to be off the chart at this point in time. Though it is, you can expect to see this one turn up in a few weeks and potentially turn out to be pretty strong. So, click the image and save the photo to your desktop, and keep it handy for down the road.
Happy Hunting.
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