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"If that were the case, there would be very few levels of...

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    "If that were the case, there would be very few levels of resistance in the price of a stock?"

    Yes that's correct and its also why sustained breakouts (wav 3`s) occur above the 12 month high..when looking for the possibility of a multibager breakout we should always insist on a relatively horizontal base for that reason.
 
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