T Rowe Price (NASDAQ: TROW) Moves Steadily Higher Says Market Timer Frank Kollar
June 9, 2009 (FinancialWire) (By Frank Kollar)
Shares of T Rowe Price Group Inc (NASDAQ: TROW) continue to gain with potentially more upside ahead.
T Rowe Price hit its bear market bottom down around $20 a share back in March. Since then it has moved higher and has topped a 100% gain since those lows.
After such extreme selling gains can be substantial but how much higher can T Rowe Price still go?
T Rowe Price reached its highs at around $65 a share back in 2008. Between current levels (at $42.55) and those highs, there are several strong levels of resistance, the first being at $46.00 a share. This is the Fib 61.8% retracement of T Rowe Price’s entire bear market losses. It is typically a critical resistance level for any stock.
Look for a correction to begin at or just below the Fib 61.8 level is reached. However, if T Rowe Price closes decisively above $46 a share, we could see a run all the way to those original highs in coming months.
The Fibtimer.com (http://www.fibtimer.com) Stock Timing Strategy holds a position in T Rowe Price.
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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