Tuesday, August 16, 2011

New resistance

8/16/2011 EOD: $1.46
+0.01 (0.69%)

CNIT traded right within the expected range today ($1.45-$1.63), except it landed at the low. Clearly, there's a good amount of resistance at the $1.60 level. After a small initial jump, the stock flat-lined at just about the opening price, and all this with relatively good volume around 500K. The nice thing to note is that, given the volume, this means there's a nice balance of buyers and sellers at this level and we can potentially rest easy about continued downfall (i.e.: the low may have been reached).

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