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Watch for Blackrock Dividend Achievers Trust to Pullback after Gaining 3.13% Yesterday (BDV)

Written on Fri, 06/11/2010 - 3:21am
By Chip Brian

Blackrock Dividend Achievers Trust (NYSE:BDV) traded in a range yesterday that spanned from a low of $8.74 to a high of $8.90. Yesterday, the shares gained 3.13%, which took the trading range above the 3-day high of $8.79 on volume of 113,000 shares.
Shares of Blackrock Dividend Achievers Trust are currently trading above their 200-day moving average (MA) of $8.77 and should find resistance at their 50-day MA of $9.02. 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 5.4% since the alert was issued.
SmarTrend has the shares in an Uptrend and expects the share price to pullback toward the $8.79 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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