Biotech HOLDRS (AMEX: BBH) Testing Resistance Market Timer Frank Kollar
March 26, 2008 (FinancialWire) (By Frank Kollar)
Back on February 19 th, we wrote that shares of the exchange-traded fund Biotech HOLDRS (AMEX: BBH) were trading in a pennant pattern since early this year. On February 25 th BBH broke out, closing at $166.96. On Monday, March 3 rd, BBH continued its rally reaching $172.80 at the close.
Since that breakout, BBH has been struggling to mount a decent advance, although it remains in an up trend and successfully tested support at $165.00 last week.
BBH is again closing in on resistance at $173.99. The last test failed, but this time, with a potentially advancing stock market to help prices along, BBH may surpass resistance. A close above will take BBH all the way to $179.16 in short order.
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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