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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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  • DTE Energy Co (NYSE: DTE) Reaches Critical Level 0 comments
    Dec 9, 2009 5:26 PM | about stocks: DTE

    December 10, 2009

    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.

    Disclosure: The www.fibtimer.com Stock Strategy does not have a position in DTE Energy.
    Stocks: DTE
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