Volume Totals Cooling While Perched At Historic Highs

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Volume Totals Cooling While Perched At Historic Highs
Thursday, October 21, 2010 CANSLIM.net

Vanceinfo Tech Inc Ads (VIT -$0.51 or -1.48% to $33.84) quietly touched a new high today then reversed into the red. Volume totals have cooled while recently consolidating near all-time highs, which suggests that few investors are anxious to head for the exits. It has not formed a recent sound base pattern, but patient investors may watch for it to eventually offer an ideal add-on buy point. Meanwhile, its 50-day moving average (DMA) line and recent lows near $26.50 define important chart support to watch.

No resistance remains due to overhead supply, making it easy for it to continue rallying. This China-based Computer - Tech Services firm is an ideal candidate for investors' watchlists, while disciplined investors will wait until a new base forms. The market scored a solid follow-through day (FTD) with big gains for the major averages satisfying the M criteria immediately following its last appearance in this FSU section on 8/31/10 under the headline "Tech Services Firm Rising With Above Average Volume".

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Kenneth J. Gruneisen started out as a licensed stockbroker in August 1987, a couple of months prior to the historic stock market crash that took the Dow Jones Industrial Average down -22.6% in a single day. He has published daily fact-based fundamental and technical analysis on high-ranked stocks online for two decades. Through FACTBASEDINVESTING.COM, Kenneth provides educational articles, news, market commentary, and other information regarding proven investment systems that work in good times and bad.

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