Moodys Corp (NYSE: MCO) Stops at Resistance Says Market Timer Frank Kollar
May 13, 2009 (FinancialWire) (By Frank Kollar)
Shares of the Moodys Corp (NYSE: MCO) have risen some 87% since their bear market lows were reached in November 2008 and then successfully retested in March 2009.
After closing above the 50% retracement of their 2007-2008 declines, Moodys climbed to $31.79 a week ago, just short of critical 61.8% Fib resistance at $32.54. Moodys has traded sideways since, but with substantial volatility suggesting there is a great deal of uncertainty that this stock can continue to gain without at least a correction from current levels.
Should shares close above $32.54 in coming days, they will likely make a run for their August 2008 rally highs at around $42.00 a share.
If not, look for initial support to be reached at $26.50 a share.
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.
Go to previous Press Releases & Trading Notes.
Note: These Press Releases are short term in nature. They may or may not reflect the same position as current subscriber reports which typically have longer time frames.
© Copyright 1996-2009, Kollar Market Analytics, Inc., All Rights Reserved.
FibTimer reports may not be redistributed without permission. These Trading Notes however may be distributed without permission.
Disclaimer: The financial markets are risky. Investing is risky. Past performance
does not guarantee future performance. The foregoing has been prepared solely
for informational purposes and is not a solicitation, or an offer to buy or sell
any security. Opinions are based on historical research and data believed reliable,
but there is no guarantee that future results will be profitable. |
