Wachovia Corp (NYSE: WB) Shares Reverse from Resistance Says Market Timer Frank Kollar
September 11, 2008 (FinancialWire) (By Frank Kollar)
Shares of Wachovia Corp (NYSE: WB) reversed from resistance at $19.00 a share on Monday, September 8 and are likely to test support in coming days.
Resistance is well defined for Wachovia with to rally attempts in the last five weeks turned back at $19.00. Support is not as well defined with short term lows at $14.00 and long term lows at $9.00.
If Wachovia can close above $19.00 a share in coming weeks, we will be looking for higher highs. If Wachovia closes below $14.00 we will be looking for a test of long term lows at $9.00 a share.
We would not consider any purchase or short sale of shares of Wachovia unless we have a clear break of support or resistance.
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.
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.
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