April 29, 2010
Shares of DTE Energy Co (NYSE: DTE) have risen 104% since their March 2009 bear market lows. How much higher can this stock go?
There are higher highs ahead after DTE Energy broke above the Fib 78.6% retracement level for the entire bear market decline on Wednesday, April 28. Shares jumped a full 3% on this date.
DTE Energy has been strong for awhile, closing above the Fib 61.8% retracement level back in early December, declining from this resistance level for two months and then again surpassing this level with a great deal of strength on February 18.
The final resistance level for DTE Energy, the 78.6% retracement level at $48.04, has now been surpassed and this stock should be on track to make a run for its prior 2007 highs at $54.00 a share.
This is 12.5% above Wednesday’s close.
Disclosure: The Fibtimer.com (www.fibtimer.com) Stock Timing Strategy holds a position in DTE Energy.