GANNETT CO INC - Chart of the Day | May 14, 2008 | By Casey Murphy

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GANNETT CO INC - Chart of the Day

May 14, 2008 | By Casey Murphy

For today's chart we've chosen to take a look at Gannett Co. (NYSE:GCI) because it recently broke beyond the resistance of a descending trendline. As you can see from the chart below, the trendline has dominated the direction of the stock since April 2007, but recent price action suggests that the bulls have taken control and that we could see a move higher. This chart is an excellent example of what a trader looks for when predicting a shift in a prolonged down trend. The sharp spike in volume that accompanied the break above the trendline will likely be used to confirm the reversal and we'd expect that the bulls will protect their positions by placing a stop-loss order below the nearby trendline.