Chuy's Holdings came across the
intraday bearish engulfing scan on Wednesday. Even though the trading day has just begun, notice that the stock broke down in July and retraced 62% with a bounce back to 40 in August. The gap and 62% retracement mark resistance as the stock reversed course in Wednesday.
Click this image for a live chart
Click this image for a live chart
About the author:
Arthur Hill, CMT, is the Chief Technical Strategist at TrendInvestorPro.com. Focusing predominantly on US equities and ETFs, his systematic approach of identifying trend, finding signals within the trend, and setting key price levels has made him an esteemed market technician. Arthur has written articles for numerous financial publications including Barrons and Stocks & Commodities Magazine. In addition to his Chartered Market Technician (CMT) designation, he holds an MBA from the Cass Business School at City University in London.
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