June 21, 2012 (By Frank Kollar)
Shares of T Rowe Price (NASDAQ: TROW) have established a steady uptrend since reversing from correction lows on June 5.
TROW is a stock that tends to trend for substantial periods of time, and this is the type of chart pattern we look for. T Rowe Price Group, Inc. is a financial services holding company that provides investment advisory services to individual and institutional investors in sponsored mutual funds and other managed investment portfolios.
Chart Courtesy of StockCharts.com
TROW should continue higher, with minor corrections, until it reaches at least the $66 level. From $68 to $70, TROW will be dealing with all-time highs and strong resistance, but even so could surpass these levels if the stock market turns higher.
Current support is at $57.00 a share.
The Fibtimer.com (http://www.fibtimer.com) Stock Timing Strategy has initiated a buy in shares of T Rowe Price.
Disclosure: I am long TROW.