Chemical & Mining Co. of Chile Inc. (SQM -$2.27 or -1.94% to $114.50) closed Friday's session lower on about average volume.  It has recently broken below critical support offered by its 50 DMA.  This stock was first featured several months ago, on June 2nd, 2005, in the CANSLIM.net Mid-Day BreakOuts Report as it was emerging from a solid base (read here).  After being featured, this stock rallied a stunning +50% over the course of the next several weeks.  During that time it developed a well defined upward trend. 

On October 3rd it blasted out of another base, but it promptly started reversing on high volume, and it failed like many late-stage breakouts do.  While failures occurred at the upward trend line on its daily chart, and its gap down under its 50 DMA line on October 13th, more concern was prompted as the technical damage started to mount.  Since breaking its 50 DMA this issue has not responded well.  The bears remain in control as long as this issue trades below its 50 DMA.  Now the longer term upward trend line, shown on its weekly chart (see the annotated DailyGraph® below), is being tested.  Further deterioration would be of even greater concern, as a violation of that long-term uptrend would be yet another technical failure and sell signal.