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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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  • T Rowe Price (NASDAQ: TROW) Breaks Support  0 comments
    Jun 2, 2011 4:41 PM | about stocks: TROW

    June 3, 2011

    Shares of T Rowe Price (NASDAQ: TROW), providing investment advisory services to individual and institutional investors in the sponsored T. Rowe Price mutual funds and other investment portfolios, dropped below important support this week.

    In March, TROW corrected to $60.83 on a closing basis. The following rally was unable to reach the prior February rally highs, and has since sold off closing at $59.91 on Thursday, June 2.

    This creates two potentially bearish problems.

    First, a possible bearish double top is now in place and is very obvious on a daily chart.

    Second is the close below the prior low which occurred on Wednesday, June 1. This is a critical break of support and though it happened during a selloff day on Wall Street, the following day’s loss was a confirmation of the decline.

    How far could shares of TROW go?

    Initial support is at the 50% retracement of the August 2010 to February 2011 advance at $57.81. A close below this level would point to $54.62, the 61.8% retracement.

    The Fibtimer.com (http://www.fibtimer.com) does not hold a position in T Rowe Price.

    Stocks: TROW
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