ACE Ltd- ACE

Commentary:
For today's chart we've chosen to take a look at ACE because the bears have pushed the stock below an interesting level of support. As you can see from the chart below, the $56.50 level has propped up the price over the past six months, but the recent move below suggests that the selling pressure could continue. This chart is a good example of how a former level of resistance can become support and how these changing roles can affect the direction of a stock. Traders will now watch for the broken support to become resistance when the bulls try to send the price higher again.