I've posted this chart a number of times;
The Q's have been testing these July '08 highs for the past 3 weeks now. Two weeks ago they were extended tests that were quickly (and with reasonably large volume) rejected. Last week, price nudged a little higher and swiftly sold off, all the way back down to the $47.80 support level (even put in a higher low). This week, however, price has turned that resistance pivot into support. Price attempted a breakout yesterday only to turn into a reversal.
Today, as price tested yesterday's highs selling again ensued, only this time price turned around at the previous day's low (
Resistance
becomes
Support). Worth noting is the large volume surge that came into this rejection. It appears there was even greater volume keeping price above $48.40 (prior resistance last week) than there was bringing price down to that level.
As an aside, the Q's are only 11.7% off of their 2007 highs!
The Q's have been testing these July '08 highs for the past 3 weeks now. Two weeks ago they were extended tests that were quickly (and with reasonably large volume) rejected. Last week, price nudged a little higher and swiftly sold off, all the way back down to the $47.80 support level (even put in a higher low). This week, however, price has turned that resistance pivot into support. Price attempted a breakout yesterday only to turn into a reversal.
Today, as price tested yesterday's highs selling again ensued, only this time price turned around at the previous day's low (Resistance becomes Support). Worth noting is the large volume surge that came into this rejection. It appears there was even greater volume keeping price above $48.40 (prior resistance last week) than there was bringing price down to that level. 
As an aside, the Q's are only 11.7% off of their 2007 highs!
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