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As a contributor to the New Low Observer (http://www.newlowobserver.com/about-this-site), we intend to give new insights on a low risk approach to trading in dividend paying stocks for tax deferred accounts. The New Low Observer (http://www.newlowobserver.com/about-this-site) is not intended for... More
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  • ACOM May Test $16.50 Support Level  0 comments
    Feb 17, 2012 1:48 AM | about stocks: ACOM
    On October 31, 2011, we presented Edson Gould's speed resistance lines [SRL] for Ancestry.com (NASDAQ:ACOM). At that time, we presented the case for ACOM potentially declining to the $15.23 level.

    On February 3, 2012, ACOM rose as high as $33.09. This was just above the conservative downside target that was established after the peak in ACOM on April 29, 2011 at $45.70.

    Today, Ancestry.com (ACOM) declined -16.44% to the $23.83 level. The current price is consistent with a significant SRL support level. If ACOM were to decline below the $23.50 level, the next support level would be $16.50, the prior extreme downside target.

    Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

    Themes: Short Ideas Stocks: ACOM
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