Ishares Lehman 20yr (NYSE: TLT) Marks Time Says Market Timer Frank Kollar
August 11, 2009 (FinancialWire) (By Frank Kollar)
Shares of the ETF Ishares Lehman 20 Year (NYSE: TLT) continue to move sideways though with a great deal of volatility. There has been no tradable trend since early June.
TLT has been trading between a declining trend resistance line and a rising trend support line since March. TLT reached the rising support line last week and reversed to the upside on Monday, August 10.
To plot the pennant formation on a daily chart, connect the highs of May 14 and July 8 and extend the lines to the right. Then connect the lows of June 10 and August 7 and extend the lines to the right. You have a pennant formation that places current resistance at about $93.50 and support at about $90.00.
If support or resistance is decisively broken in either direction, look for a continuation in the direction of the break.
The Fibtimer.com (http://www.fibtimer.com) ETF Timing Strategy holds a position in TLT.
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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