John Hancock Patriot Premium Dividend Fund II (NYSE:PDT) traded in a range yesterday that spanned from a low of $10.64 to a high of $10.72. Yesterday, the shares gained 0.66%, which took the trading range above the 3-day high of $10.69 on volume of 91,000 shares.
Shares of John Hancock Patriot Premium Dividend Fund II are currently trading above their 50-day moving average (MA) of $10.28 and above their 200-day MA of $10.01. Look for these MAs to provide support for a short-term pullback in the shares.
SmarTrend is bullish on shares of John Hancock Patriot Premium Dividend Fund II and our subscribers were alerted to Buy on March 19, 2009 at $6.02. The stock has risen 78.1% since the alert was issued.
SmarTrend has the shares in an Uptrend and expects the share price to pullback toward the $10.69 support level. Afterwards, we expect it to move upward with its peers in the SmarTrend Closed End Fund- Debt industry.