To review Trulia’s stock, please take a look at the 1-year chart of TRLA (Trulia, Inc.) below with my added notations:
TRLA had been trading sideways for the last 3-4 months. Over that period of time the stock had formed a somewhat clear resistance level at $36 (red). In addition, TRLA had also created a strong level of support near $29 (green). At some point the stock had to break one of those two levels created by the rectangle pattern, and yesterday the stock broke resistance. The stock should now be making a run at the prior $40 level (blue).
The Tale of the Tape: TRLA had a level of resistance at $36 and yesterday the stock broke that resistance. The ideal long opportunity would be on a pullback down to or near that previous $36 level. On the other hand, one would want to enter a short position on a break back above the $36 level.
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