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Another important factor is the relationship between an uptrend and a stock's pivot point.  Typically, stocks begin forming an uptrend after rising above their pivot point.  In the event the upward trend is violated, the stock will generally be expected to continue falling until it can retest support.  Initial support is often the 50 DMA, or its pivot point, whichever is higher.

Tyler Technologies Inc. (TYL DOWN ($0.20) or -1.27% to $15.98) ended lower as this high ranked stock tested support near its prior chart highs ($15-16 area). TYL sports strong ranks; an Earnings Per Share (EPS) rating of 92, and a Relative Strength (RS) rating of 89. This stock was first featured on Friday, July 25, 2008 in the CANSLIM.net Mid Day Breakouts Report (read here) with a $16.25 pivot point and a $17.06 maximum buy price and the following note: "Y - Spiked to a new 52-week high today, rising from a long flat base after its latest strong earnings report, yet it pulled back considerably from its intra-day high. Good annual and quarterly earnings history (good C & A criteria) and sales increases are showing acceleration. Increasing ownership by top-rated funds is good concerning the I criteria. Return on Equity at +13% is under the +17% guideline." Always limit losses per the 7-8% sell rule, and never hold a stock if it falls more than that from your purchase price. 

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