Don't Ignore This Chart!

Chuy's Holdings Forms Bearish Engulfing at Key Retracement

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.

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Arthur Hill
About the author: , CMT, is the Chief Technical Strategist at 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. Learn More
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