DTE Energy Co (NYSE: DTE) Reaches Critical
Level Says Market Timer Frank Kollar
December 10, 2009 (FinancialWire) (By Frank Kollar)
Shares of DTE Energy Co (NYSE: DTE) declined 56% from
early 2007 until bottoming in early 2009. Since then it
has regained 62% of its losses in a strong rally.
That is where the concern comes in. DTE reached the 61.8%
retracement resistance level, at $42.73, intra-day on December
9 before pulling back. This is a critical resistance level
that often results in selling once reached.
DTE is also just below its 2008 bear market rally highs
at $44.24 a share, another resistance level that will be
a test for the current rally.
Traders should be aware that a reversal from these levels
could lead to a substantial correction in coming weeks.
On the flip side, if DTE manages to close above $44.24
a share, traders can expect to see further gains and a
possible test of its 2007 highs above $52 a share.
The http://www.fibtimer.com Stock
Strategy does not have a position in DTE Energy.
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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