Biotech HOLDRS (AMEX: BBH) Closes Above Resistance Says Market Timer Frank Kollar
April 2, 2008 (FinancialWire) (By Frank Kollar)
On a strong day for the stock market, shares of the exchange-traded fund Biotech HOLDRS (AMEX: BBH) have broken above critical resistance at $173.99 a share and moved higher on increased volume, to close at $176.70.
The close above resistance forecasts higher highs for Biotech HOLDRS, rising to at least $179.16 in coming days. Biotech HOLDRS will hit strong resistance above this level as the prior September to November 2007 rally failed to push much above the $180 level.
But for the short term, Biotech HOLDRS looks good until at least $179-180 a share.
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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