Minor Completed Pullback in ADR 50 ETF

Apr 30

by Mike Paulenoff, Wed April 30th, 2008

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Minor Completed Pullback in ADR 50 ETF
By Mike Paulenoff, www.MPTrader.com

The pattern carved out by the BLDRs ADR 50 ETF (NASDAQ: ADRE) during the past several sessions has the look of a completed minor pullback within the dominant upleg off the March low at 45.09. Provided the policy action the FOMC does not create a plunge to the downside, the ADRE should begin a climb to new recovery highs above 54.80, projected into the 55.80-56.20 target zone.

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!

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