May 30, 2012 - IPGP Trade

Last one for me for the day. I wanted to short this back at $54 bounce off resistance but didn't have the guts.



As you can see, the downward resistance line has been hit 6 times now, with the sole breakthrough coming on earnings that was immediately sold. Today hit the resistance and shot back down

For longer term traders, Weekly Chart is below. I see weekly support at 39 and 34.