Streettracks Gold Shares (NYSE: GLD) Breaks Out Says Market Timer Frank Kollar
September 2, 2009 (FinancialWire) (By Frank Kollar)
Shares of Streettracks Gold (NYSE: GLD broke out to the
upside from a large pennant formation we have been watching
for months.
This large pennant pattern could be seen on a daily chart
by connecting the highs on Feb 20, June 2 and August 4.
Then connect the lows on April 17, July 13 and August 17.
Pennants are typically screated after a large move, up
or down, that leaves traders unsure whether to take a long
term bullish or bearish position. As the pattern tightens,
there is less and less room for the ETF to trade while
staying within the upper declining resistance line and
lower rising support line. Typically, when the pattern
is broken, the market then follows through in the direction
of the break.
The pennant formation has been broken to the upside this
week and if this bullish indicator holds true, we should
see higher highs for Streettracks Gold in coming weeks.
The Fibtimer.com (http://www.fibtimer.com)
ETF Timing Strategy holds a position in Streettracks Gold.
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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