Take a look at the 1-year chart of Tuesday (NASDAQ: TUES) with the added notations:
After declining steadily for most of 2015, TUES started bouncing on top of a clear $5 support (green) during the most recent 5 months. Now that the stock appears to be testing that support level again, traders should be able to expect some sort of bounce. However, if the $5 support were to break, lower prices should follow.
The Tale of the Tape: TUES has a key level of support at $5. A trader could enter a long position at $5 with a stop placed under the level. If the stock were to break below the support a short position could be entered instead.
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