After a strong early-June rally, shares of T Rowe Price (TROW) have retreated to strong support where a renewed push higher is likely, writes Frank Kollar of FibTimer.com, and traders may find a favorable long entry.
Shares of T Rowe Price (TROW) established a steady uptrend since reversing from correction lows on June 5. The stock has now dropped back down to its 50-day moving average, which may act as support.
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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.
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, it could surpass these levels if the stock market turns higher.
Longer-term support is around $57 per share, where it would meet its 200-day moving average.
By Frank Kollar of FibTimer.com
Disclosure: The FibTimer.com Stock Timing Strategy has initiated a buy in shares of T Rowe Price.
