El Paso Corp - Chart of the Day | May 07, 2008 | By Casey Murphy

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El Paso Corp - Chart of the Day

May 07, 2008 | By Casey Murphy

For today's chart we've chosen to take a look at El Paso Corp. (NYSE:EP) because it broke above an influential level of resistance (shown by the horizontal trendline). As you can see from the chart below, the $18.25 level has prevented the price from moving higher several times over the past two years, but today's breakout suggests that the bulls are in control of the long-term direction. We'll keep a bullish outlook on the stock until it falls below nearby swing low of $16.88.

This stock is also of specific interest because it releases earnings before tomorrow's open. We expect that many traders will hold a bullish bias into the release because of the fresh 52-week high and the accompanying spike in volume.