Biotech HOLDRS ETF (NYSE: BBH) at Resistance Says Market Timer Frank Kollar
May 21, 2009 (FinancialWire) (By Frank Kollar)
Shares of Biotech HOLDRS (NYSE: BBH) have been reaching lower highs on their rallies and higher lows on their declines since early April.
A line drawn through the highs forms a declining trend resistance line and a line drawn through the lows forms a rising trend support line. Typically, when either the support or the resistance line is broken, shares tend to follow-through in the direction of the break.
Currently resistance is at $91.00 a share and support is at $87.00 a share. The distance is small but a breakout either way may be significant.
The Fibtimer.com (http://www.fibtimer.com) ETF Timing Strategy holds a position in BBH.
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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