AGU - Resistance Levels

(Friday's trading is the right half of this 5-Minute chart)

From Friday morning:

"If, for example, they paid 89.62 for the stock and AGU rallies $2.00 to that price today, they will be thinking, "Okay, I can get outta this thing at a break even" and they will sell. That kind of selling causes RESISTANCE to upward movement in the price of the stock, particularly after it just has broken down."

Update:

We can see from the intraday chart that AGU opened higher at 88.98, three cents below Resistance Level 1, at 89.01, raced toward Resistance Level 2, then swooned immediately and went all the way back to Thursday's close. AGU mounted another rally attempt to Resistance Level 1, 89.01, but failed to get thru it and sold off going home. Players who didn't sell Thursday's breakdown at 90.65 (the top of the Falling Wedge in green), or below the low of the wedge (89.01) wanted out of it.



Although AGU closed higher on the day, it closed back below 89.01, the low of the Falling Wedge at Green #4. That low "shouldn't have" gotten taken out to the downside last Thursday, but it did.