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Look for Shares of Blackrock Dividend Achievers Trust to Pullback after Yesterday's 4.51% Rise (BDV)

Written on Fri, 05/28/2010 - 5:46am
By Chip Brian

Blackrock Dividend Achievers Trust (NYSE:BDV) traded in a range yesterday that spanned from a low of $8.56 to a high of $8.81. Yesterday, the shares gained 4.51%, which took the trading range above the 3-day high of $8.59 on volume of 252,000 shares.
Shares of Blackrock Dividend Achievers Trust are currently trading above their 200-day moving average (MA) of $8.73 and should find resistance at their 50-day MA of $9.09. Look for these MAs to provide support for a short-term pullback in the shares.
SmarTrend is bullish on shares of Blackrock Dividend Achievers Trust and our subscribers were alerted to Buy on May 07, 2010 at $8.45. The stock has risen 4.3% since the alert was issued.
SmarTrend has the shares in an Uptrend and expects the share price to pullback toward the $8.59 support level. Afterwards, we expect it to move upward with its peers in the SmarTrend Closed End Fund- Debt industry.

Contact Chip Brian
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