August 10, 2010
Shares of Teco Energy (NYSE: TE) broke out above an important resistance level on Monday, August 9.
In June 2008 Teco Energy reached a high of $22.00 a share before succumbing to the bear market and declining to $8.50 a share on March 2009.
Teco Energy closed above the 61.8% retracement of the entire bear market decline, at $16.80, back on April 22. But after a few additional days of gains, share prices plummeted.
Now share prices have again broken out, this time to $17.39 a share on Monday, August 9. Will Teco collapse again or is this the breakout that will result in a sustained advance?
The short term target for Teco Energy is at $19.08 a share. This is the Fib 78.6% retracement level of the bear market decline. If Teco can make this target we could see a run for the prior highs at $22 a share.
The Fibtimer.com (http://www.fibtimer.com) Stock Timing Strategy does not hold a position in Teco Energy.
Disclosure: The Fibtimer.com (www.fibtimer.com) Stock Timing Strategy does not hold a position in Teco Energy.