Powershares QQQ Trust (NASDAQ: QQQQ) Nears Resistance Says Market Timer Frank Kollar
January 29, 2009 (FinancialWire) (By Frank Kollar)
Shares of Powershares QQQ Trust (NASDAQ: QQQQ) have been rallying the past week, as has the rest of the stock market. But strong resistance levels lie just ahead.
Powershares QQQ are closing in on $31.33 a share, the prior rally highs. A close above this level would be quite bullish, but if the Q’s are not able to surpass this level, the expectation is for a decline to around $29 a share.
The Q’s have been somewhat range bound for almost two months, with prices held between $29 and $31 a share. A break out of this range would likely result in follow through in the direction of the breakout.
The Fibtimer.com (http://www.fibtimer.com) ETF Timing Strategy has a position in Powershares QQQ Trust .
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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