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Frank started market timing in 1982 when the Federal Reserve cut interest rates and sparked the 1980’s bull rally. Realizing that this rally could have been forecasted, he began to search for indicators which had similar forecasting ability. Within a year, his first newsletter was launched,... More
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  • New Highs for Principal Financial Group (NYSE: PFG)  0 comments
    Feb 1, 2011 6:11 PM | about stocks: PFG

    February 2, 2011

    Shares of Principal Financial Group (NYSE: PFG) have broken above resistance at $34.00 a share, a level that was reached in early January but was not surpassed.

    Principal’s close on Tuesday, February 1, was decisively above resistance, closing the day at $34.30 a share.

    New highs are always bullish and new highs above strong resistance are even more so,

    Principal reached a high of $70.67 back in December 2007. Since then it suffered a huge decline, losing some 91% before finally bottoming in early January 2009.

    Since then shares have tacked on some 406% but there is still a long way to go before those old highs are reached. Likely it will take years, but Monday’s breakout should see higher highs in the near term.

    There is minor resistance at $45.00 a share, and major resistance near the $52-55 level.

    Fibtimer.com does not currently have a position in Principal Financial Group.

    Stocks: PFG
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