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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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  • Uptrend For Powershares US Dollar ETF (NYSE: UUP) 0 comments
    Feb 26, 2013 4:01 PM | about stocks: UUP

    February 27, 2013 (by Frank Kollar)

    Has the Powershares US Dollar ETF (NYSE: UUP) begun a sustainable uptrend?

    UUP bottomed in 2011 at the $21 level and reached $23 a share in mid-2012. But since then shares dropped back down to $21.50, before this current rally. At the time this analysis is being written on Feb 26th, UUP is trading at $22.35.

    The rally off $21.50 support (this level held attempts to selloff four times in the past four months) has reached important resistance levels.

    Chart Courtesy of StockCharts.com

    $22.33 is the 50% retracement resistance level from the lows and UUP is there now. Most likely UUP will test the next resistance level at $22.52. This is the critical 61.8% level.

    UUP has also closed above the previous November rally high at $22.24.

    If UUP makes a decisive close above $22.52 in coming days or weeks, we look for a sustained advance to test the mid-2013 highs at just over $23.00 a share.

    The Fibtimer.com (http://www.fibtimer.com) ETF Timing Strategy does not have a position in Powershares US Dollar.

    Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

    Stocks: UUP
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