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Tuesday, February 07, 2006

BJS - 020706; 15-minute chart

It has been awhile since we looked at our infamous "bread and butter" set-up. BJS gave us a good example today, with a gap down and price moving into resistance from the retracement zone of the previous day's high to the opening range low. Note how price stalls at the 50% line, and the declining 34MA provides additional resistance.

BJS collapses and tags the Fibonacci extension at the end of the day.

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