Biotech HOLDRS (AMEX: BBH) Above Key Resistance Says Market Timer Frank Kollar
November 7, 2007 (FinancialWire) (By Frank Kollar)
The exchange-traded fund Biotech HOLDRS (AMEX: BBH) continues to move higher in a stock market that is volatile to say the least. Shares of Biotech HOLDRS have held up well even during the two Dow 300 plus point market sell offs in recent weeks.
How high can Biotech HOLDRS go? With prices well above the $178.44 resistance level, we should see $183.98 in short order. The next move will depend on how Biotech HOLDRS handles this final resistance level.
If Biotech HOLDRS makes a decisive close above $183.98, shares should make a run for the $190 level, the prior May highs, over the following weeks. A close above $190.42 would be a new breakout and forecast even higher highs.
The Fibtimer.com (http://www.fibtimer.com) ETF Timing Strategy holds a position in Biotech HOLDRS .
Kollar’s research has shown that the financial markets are in tradable trends approximately 80 percent of the time. FibTimer strategies define trends and trade them in both advancing and declining markets. Caring nothing about what newscasters say or what the latest economic indicator predicts, trends are where the profits are, and that is where FibTimer is.
Kollar is editor and chief analyst at FibTimer.com (http://www.fibtimer.com) which offers market timing strategies for S&P and Nasdaq index fund traders, as well as bond, gold, small cap, sector, ETF and stock trading strategies.
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