Mar 20

Drug Stocks Moving Higher

The Pharmaceutical HLDRs (PPH) has accelerated above key near-term resistance at 76.40/50, which has triggered upside follow-through towards a test of more important resistance at 77.50/60. The juxtaposition of the bullish RSI oscillator with the rising price structure usually is a powerful combination that should propel prices higher. My next optimal target zone is 78.00/30.
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Mike Paulenoff is author of www.MPTrader.com, a real-time diary of his technical analysis & trade alerts on ETFs for precious metals, energy, currencies, and an array of equity indices and sectors, including international markets, plus key ETF component stocks in sectors like technology, mining, and banking. Sign up for a Free 15-day Trial!