Take a look at the 1-year chart of Timken (NYSE: TMST) below with added notations:
After declining steadily over the course of the past year, TMST seems to have started to trade in a sideways move. While in this sideways move, the stock formed two important price levels to be aware of. The first level worth noting is the resistance at $15 (red), which was also a prior support. The other level TMST has created would be the $10 support (green).
The Tale of the Tape: TMST is trading between two key price levels. The possible long positions on the stock would be either on a pullback to $10 or on a breakout above $15. The ideal short opportunity would be on a break below $10.
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