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Monday, April 7, 2008

ITT Corporation (ITT) Technical Analysis

Today we'll analyze the Stock ITT for online market trading,
Technical indicators to notice:
1- Last bearish trend was from 59.98$ (02/01/08) to 51.67$ (03/28/08) a 8.31$ move
2- The current bullish trend started from 51.67$ at 03/28/08 and is currently trading at 54.72$.

3- The stock current support level is at 53.63 which is the 23.60% fibonacci retracement of the last 8.31$ move.
4- The stock current resistance level is at 54.84 which is the 38.20% fibonacci retracement of the last 8.31$ move.
5- According to ADX, the trend is currently strong bearish, which is getting stronger.
Short term chart patterns :
6- The Stock was resisted by a resistance line, identified by two points: 59.98 and 66.01 that was broken up at 56.06 transforming into a supporting line.
Mid term chart patterns :
7- The Stock was resisted by a resistance line, identified by two points: 59.98 and 66.01 that was broken up at 56.06 transforming into a supporting line.
Long term chart patterns :
8- The Stock formed a 24.76$ height triangle which was broken down at 63.62 in higher than usual volume, target of the pattern is 38.86.

Conclusion:
ITT was trading in a strong bearish wave, which is becoming stronger .
Technical indicators and chart patterns show no favorited direction,
recommend hold or waiting for entry .

Resistance Levels: 54.84, 55.82, 56.81, 59.98, 62.24, 65.12, 66.38, 68.74.
Support Levels: 54.00, 53.63, 53.55, 53.19, 52.84, 51.67, 49.13,.


That's all for today ... thanks for reading the post,
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We Moved!!!

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